ASQ6_EN-website

FIRST QUARTER 2017
EXCLUSIVE FIRST
INTERVIEW
CHANG, QIU SHENG
CHAIRMAN,
AMBER AVIATION
SPOTLIGHT
BOMBARDIER
GLOBAL XRS/6000
COUNTRY PROFILE
SOUTH KOREA
INTERVIEW
SEONGBAE CHO
SENIOR VICE PRESIDENT,
KOREAN AIR BUSINESS JET
ASIA-PACIFIC OUTLOOK
METRICS & MOOD
CURRENT MARKET SUMMARIES
JETS & HELICOPTERS
FALCON 8X TAKES YOU
TO THE TOP OF THE WORLD
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | I

THINK BUSINESS
When it comes to gaining a competitive edge in commerce, you simply
need the best. With our helicopters, you will fly faster and more safely,
while enjoying greater comfort and reliability.
Invest in an H130.
II | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

PUBLISHER’S NOTE
For this issue of Asian Sky Quarterly I had the pleasure of interviewing my old
friend and colleague Chang Qiu Sheng.
It was all ground breaking stuff, never been done before, and required great faith
in the business potential and in the people that brought it to the table.
I’ve known Chang for pretty much the whole 20 years I’ve been working the
China market. Eventually I worked for him at BAA, but probably the most
memorable event for the two of us was the delivery of the first Gulfstream
in China. At that time I was Gulfstream’s VP in Asia and Chang was the
newly appointed head of the equally newly created Air China Business Jet. It
was October 2003 at NBAA and Air China took delivery of a GIV S/N 1144,
registration number B-3999 on a one year lease with a purchase option for a
new Gulfstream.
The huge significance of the event was probably a bit lost on us at the time.
For us, it was just the conclusion of a long process of relationship building and
equally long negotiations including a memorable session at the Boao Forum
in Hainan in 2002, where we finally got it done. It was a ‘first’ on many levels.
The most significant being the first business jet operated by Air China Business
Jet and the first large cabin Gulfstream in China. This was the start for “Wan
Liu” just over 13 years ago to where today Gulfstream is the leading brand in
Mainland China, with a third of the market and over 100 business jets in
the country.
Those were interesting times almost 15 years ago, reemphasising just how
young business aviation is in China and yet how far it has come in this time too.
Also featured in this issue are equally interesting interviews with ASG’s new
Sales Director for Africa: Lynton Van Aswegen; Paul Jebely, the new Managing
Director in Hong Kong for Pillsbury Winthrop; and Wooksang Cho, CEO &
President of Avjet Asia in Seoul.
As to our regular scheduled features, the country profile this time is South
Korea and the aircraft spotlight is on Bombardier’s Global XRS / 6000 family.
Also included are our usual macro-economic country overviews, “Mood &
Intentions” market survey results and comprehensive Asia-Pacific market
dynamics analysis.
Many parties were involved in making it happen in addition to Chang and me:
David Chou, President of PCAT in Beijing who was the bridge between Chang
and myself; Bryan Moss, President of Gulfstream at the time, who was a firm
believer in the immense potential of the Chinese market even back then and
who subsequently agreed to take the risk and sell the deal internally; and Eric
Hinson, SVP of Gulfstream Financial Services Corp., who found a way to pull a
lease together for a wholly owned subsidiary of CNAC – Air China Business Jet.
Sincerely,
Jeffrey C. Lowe
Managing Director, Asian Sky Group
SPECIAL THANKS TO OUR CONTRIBUTORS:
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 1

CONTENTS
04 ECONOMICS
29
Overview of the Asia-Pacific region’s current status and
each specific country’s GDP in contrast with their business
aircraft fleet growth.
INTERVIEW:
MR. PAUL JEBELY,
PILLSBURY WINTHROP, MANAGING DIRECTOR
Speaking on the law firm’s culture and active role in
supporting the business aviation industry.
06
MOOD & INTENTIONS
Survey results of the Asia-Pacific region’s mood on current
economic status, aircraft utilization, purchase intentions
and influencing factors.
32
MARKET DYNAMICS
An in-depth analysis of the changing pricing signals and
trends for the business jet fleet in the Asia-Pacific region,
given the continual fluctuations of supply and demand.
11
14
INTERVIEW:
MR. CHANG QIU SHENG,
AMBER AVIATION, CHAIRMAN
Discussing his role in developing China’s aviation industry,
his decades of experience and his latest endeavor.
COUNTRY PROFILE - SOUTH KOREA
Overview and examination of South Korea’s business
aviation industry, its fleet growth and top operators.
41
46
AIRCRAFT SPOTLIGHT
A comprehensive market performance analysis of the preowned
Global XRS and 6000 market.
INTERVIEW:
MR. LYNTON VAN ASWEGEN,
ASG’S SALES DIRECTOR, AFRICA
Speaking on his experiences within the business aviation
industry and the up and coming Africa market.
22
26
INTERVIEW:
MR. WOOKSANG CHO,
AVJET ASIA, CEO & PRESIDENT
On the company’s work with Korea Airports Corporation to
develop Korea’s first FBO.
INTERVIEW:
MR. SEONGBAE CHO,
KOREAN AIR BUSINESS JET,
SENIOR VICE PRESIDENT
Discussing the company’s commitment to its clients to
provide an incomparable charter experience.
51
68
MARKET SUMMARY -- JETS
A model-by-model market positioning and average days
on-market analysis with featured pre-owned business jets.
MARKET SUMMARY -- HELICOPTERS
A model-by-model market positioning and average days
on-market analysis with featured pre-owned civil helicopters.
PUBLISHER
Asian Sky Group
EDITORIAL
Litalia Yoakum
CREATIVE DIRECTOR
Jennifer Spano
DESIGN
Robert Li
Aya Leung
Michael Wong
MARKET RESEARCH & DATA ANALYSIS
Bowen Zhang
Patrick Bouvry
Stella Tsang
ADVERTISING ENQUIRIES
advertising@asianskygroup.com
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.
AIRCRAFT SALES INQUIRIES:
Asian Sky Group
Suite 3905, Far East Finance Centre,
16 Harcourt Road, Admiralty, Hong Kong
Tel: (852) 2235 9222 | Fax: (852) 2528 2766
sales@asianskygroup.com
www.asianskygroup.com
2 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

AN UNPARALLELED EXPERIENCE
Range. Speed. Comfort. The G650ER is truly in a class all its own. Our proud commitment
to service takes you with confidence from Shanghai to New York City* and everywhere
else your spirit beckons. This is Gulfstream. The world’s finest aviation experience.
GULFSTREAM.COM
PRINT AD.
+86 10 8535 1866 or +86 139 1064 2948 | HERMAN CHAI ( 蔡 海 文 ) herman.chai@gulfstream.com
+852 2918 1600 or +852 6928 6988 | PETER HOI ( 许 建 钿 ) peter.hoi@gulfstream.com
+86 10 8535 1866 or +86 159 0115 7089 | MATTHEW LIU ( 刘 自 强 ) ziqiang.liu@gulfstream.com
*Theoretical range with eight passengers, four crew and NBAA IFR fuel reserves. Actual performance will be affected by ATC routing,
operating speed, weather, outfitting options and other factors.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 3

2016 Q4 ECONOMICS
Growth in Asia (ex-Japan) has stayed robust, thanks to both stable domestic and improving external demand. Protectionism remains a risk for such a
trade-dependent region, particularly US protectionism. Macro-stability risks are benign thanks to continued improvement in current account balances
and high real rate buffers. As the external demand environment has improved, policymakers have reduced fiscal support at the margin and further rate
cuts are not expected for the majority of the region.
Source: Morgan Stanley & Tradingeconomics.com
Australia
The Australian economy seems to have recovered in 2016 Q4 from the
shock contraction in 2016 Q3. Retail sales were up over the course of
2016 Q4, as were exports, which benefitted from improving commodity
prices. This was the strongest expansion since 2016 Q1, mainly boosted
by household spending, investment and net trade while government
spending was flat.
China
While growth has held up well in 2016 Q4, there have been signs of
moderation. The largest drag on activity came from weaker fiscal
expenditure, followed by weaker trade growth volume, passenger
car sales and steel production, suggesting softer aggregate demand
growth. It is believed that cyclical growth momentum is at or
approaching the peak, and could moderate from 6.7% in 2016 to
6.4% in 2017 due to softer housing and automobile markets and less
accommodative policy.
South Korea
GDP momentum weakened towards year-end (2.3% y-o-y in 2016 Q4),
driven by softer consumer spending (recent political events impacted
sentiment) and export growth, as well as destocking. Investment
picked up thanks to both an improvement in construction and facility
investment. Overall, a combination of weak structural fundamentals
(high debt, unfavorable demographics) and limited policy response
means that the Korean economy continues to face risks of lower
growth. Moreover, a pickup in global growth would not lend the same
export support to Korea as before, given the uncertainty over trade
protectionism, weaker global trade elasticity, and ongoing excess
capacity in China.
Singapore
Singapore’s economy started 2017 on a positive note, as the economy
expanded 2.9% y-o-y in 2016 Q4. It is the highest expansion since 2014
Q4, mainly boosted by manufacturing.
Hong Kong
The economic recovery continued in 2016 Q4, with the Hong Kong
economy growing 3.1% y-o-y in 2016 Q4, compared to an upwardly
revised 2% expansion in the 2016 Q3. It was the strongest growth since
2015 Q2, mainly supported by a faster rise in private consumption and
exports of goods while government spending and investment expanded
further.
Taiwan
The Taiwanese economy expanded 2.88% y-on-y in 2016 Q4. It was the
strongest expansion since 2015 Q1, driven by a faster rise in investment
exports, while private consumption eased. On the production side, most
sectors grew: manufacturing, transportation, wholesale & retail trade,
information and communication, electricity and gas supply, and real
estate and ownership of dwellings. In contrast, a decline was seen for
construction, and mining and quarrying.
Malaysia
The Malaysian economy expanded 4.5% y-o-y in 2016 Q4, compared
to a 4.3% growth in 2016 Q3 and in line with markets expectations. It
was the strongest expansion since 2015 Q4, mainly supported by a
rebound in exports and a faster increase in investment while private
consumption remained robust.
Japan
Timid gains in wage growth continue to weigh on Japan’s economic
activity despite the government’s efforts to stimulate household
spending and the unemployment rate hovering at multi-year lows. Still,
the Japanese economy advanced 0.2% in 2016 Q4, following 0.3%
growth in 2016 Q3 and below market expectations of a 0.3% expansion.
It was the fourth quarter of growth, boosted by exports, government
spending and private non-residential investment while household
consumption was flat.
Thailand
Thailand’s economy grew by 0.4% in 2016 Q4. The GDP growth
rate remained at its weakest level since 2014 Q1, mainly driven by a
slowdown in exports while private consumption, government spending
and investment rebounded.
Philippines
The Philippines GDP expanded 1.7% q-o-q in 2016 Q4, compared to an
upwardly revised 1.5% growth in 2016 Q3 and slightly above market
estimates of 1.6% growth. The services sector grew at a faster pace
while the industry sector slowed and agriculture contracted.
India
The domestic demand recovery, which had been underway prior to Nov.
2016, was affected by the currency replacement program. The latest
data on motorcycle and passenger cars indicated that consumption
indicators have normalized somewhat in January 2017 after a
pronounced slowdown in December 2016. While public capex has
continued to exhibit robust growth, private corporate capex remains
weak and projects under implementation decelerated further. The
external environment, however, has remained supportive of growth.
Indonesia
Real GDP growth moderated somewhat towards yearend (4.9% in 2016
Q4) amid weaker government spending. However, private consumption
held up well. Meanwhile, investment also picked up somewhat in 2016
Q4 and exports rebounded sharply. With external balances improving
and real rate buffers high, Indonesia is less likely to face macro stability
risks amid a gradual rise in US rates.
4 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

BUSINESS JET FLEET AND GDP BY COUNTRY
ECONOMICS
Australia
China
Hong Kong
India
Indonesia
Japan
Malaysia
New Zealand
Papua New
Guinea
Philippines
Singapore
South Korea
Taiwan
Thailand
GDP (B USD)*
BUSINESS JET FLEET † CIVIL TURBINE HELICOPTER FLEET †
11,756
313
805
6,040
5,495
4,165
1,709
1,142
1,095
755
2,242
1,508
1,372
906
146
187
139
130
662
601
641
495
471
110
326
538
74
286
446
341
255
236
229
200
147
10
408
319
312/310
298
178
20
56
37
35 34
29
17
15
13
8
2
59
53
51
50
48
38
23
22
14
4
222
181
156
147
120
113
108
76
45
223
200
156
150
107
106
27
16
15
1 3
2010 2011 2012 2013 2014 2015 2016
2010 2011 2012 2013 2014 2015 2016
2010 2011 2012 2013 2014 2015 2016
* 2014 & 2015 ASG data and historically adjusted using Jetnet fleet yearly increases.
* GDP Source: Tradingeconomics.com
†
Business jet and civil helicopter fleet data obtained from ASG’s
Fleet Reports. For our latest publications, please stay tuned for
ASG’s media channel
www.asianskymedia.com
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 5

MOOD & INTENTIONS:
ASIA-PACIFIC REGION SURVEY 2017 Q1
In February 2017, over 320 respondents participated in ASG’s survey on
the mood and intentions of the current business aviation market - the
survey’s highest number ever. Regions with the most respondents were:
1. South & East Asia (91 respondents (28%), including Indonesia, Singapore,
Philippines, Malaysia, Thailand, Japan, and South Korea)
2. Central Asia (88 respondents (27%), including India, Pakistan, others.)
3. Greater China (77 respondents (24%), including Mainland China, Taiwan,
Hong Kong and Macau)
4. Oceania (50 respondents (16%), including Australia, New Zealand and Papua
New Guinea)
TOP 5 RESPONDENT’S LOCATION
Indonesia 20 (10%)
Hong Kong 29 (15%)
31+23+21+15+10+G
63 %
India 63 (31%)
OF TOTAL APAC
RESPONDENTS
Australia 43 (21%) China 47 (23%)
RESPONDENT LOCATION BREAKDOWN
Others 17 (5%)
Oceania 50 (16%)
Greater China 77 (24%)
28+27+24+16+5+G
320 +
RESPONDENTS
South & East Asia 91 (28%)
Central Asia
88 (27%)
RESPONDENT’S AIRCRAFT TYPE
Helicopters 75 (29%)
WHAT IS OUR CURRENT ECONOMIC STATUS?
(QUARTERLY COMPARISON)
71+29+G
Business Jets or
Turboprops 187 (71%)
MARKET MOOD OF CURRENT ECONOMY
Pessimistic
(Will get worse)
2017 Q1 27% 73%
2016 Q4 34% 66%
2016 Q3 47% 53%
2016 Q2 46% 54%
Neutral
Optimistic
(Will get better)
2016 Q1 48% 52%
Past Low Point
35+27+38+G 30+34+36+G 27+47+26+G 30+46+24+G
38%
36%
26%
24%
46%
47%
34%
27%
2017 Q1
2016 Q4
2016 Q3
2016 Q2
35%
30%
27%
30%
At Low Point
Not Reached Low Point
The optimistic economic mood continued to improve in 2017 Q1, with
38% of the total respondents believing that our economy has passed
its low point and will get better, a 3% increase from 2016 Q4. 27% of
respondents believe that the economy has not reached its low point
and will get worse, which is a 7% drop from 2016 Q4. The number of
respondents who believe that the economy in 2017 Q1 was at its low
point is 35%, which is 5% higher compared to the 2016 Q4 survey.
6 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q1
WHAT IS OUR CURRENT ECONOMIC STATUS?
Not Reached Low Point At Low Point Past Low Point
Greater China
38%
36% 26%
South & East Asia
21%
43% 36%
Central Asia
16%
32% 52%
Oceania
38%
26% 36%
In Greater China, 26% of the respondents believe that the economy is
past its low point, a 6% drop from 2016 Q4 and 36% of the respondents
believe that the current economy is at its bottom – a 16% increase from
2016 Q4. Therefore, in 2017 Q1 more respondents in Greater China
believe the economy will get better. However despite this improvement
and the optimisitc mood prevalent in the Asia Pacific region as a
whole, Greater China together with Oceania still remain the two most
pessimistic regions. Respondents from Central Asia are still the most
optimistic in the region.
In general, respondents who believe that the current economic situation
has passed its low point or is at its low point can be described as
optimistic. In 2017 Q1, 73% of the respondents believed that the Asia
Pacific region’s economy can improve in the future – a 7% increase
compared to 2016 Q4 and a 20% increase since 2016 Q1.
34+0+0+0+0+0+0+0+0 43+0+0+0+0+0+0+0+0 24+0+0+0+0+0+0+0+0 3433+0+0+0+0+0+0+0+
28+0+0+0+0+0+0+0 3924+0+0+0+0+0+0
44+0+0+0+0+0+0+0+0 33+0+0+0+0+0+0+0+019 29+0+0+0+0+0+0+0+0 37+0+0+0+0+0+0+0+0 33+0+0+0+0+0+0+0+0 32+0+0+0+0+0+0+0+0
HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO?
2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1
14+0+0+0+0 17+0+0+0+0 10+0+0+0+0 8+0+0+0+0 20+0+0+0+0 26+0+0+0+0 19+0+0+0+0 16+0+0+0+0 33+0+0+0+0 28+0+0+0+0 32+0+0+0+0 1424+0+0+0+0 21+0+0 19+0
30+
14+0+0+0+0 19+0+0+0+0 33+0+0+0+0 20+0+0+0+0
44%
43%
37%
33% 34%
33% 33% 32%
29%
28%
24%
24%
Decreased
The same
33% 33%
32%
28%
26%
24%
19% 20%
17%
19%
14% 14%
16%
10% 8%
19%
30%
20%
21%
19% 21%
34% 33%
29%
Increased
39%
52%
18% 21%
14%
12%
10%
Down 20% or more
(20%)
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 7

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q1
GREATER CHINA
AIRCRAFT UTILIZATION:
REGIONAL DIFFERENCES
OPTIMISTIC
For 2017 Q1, 24% of respondents said their
49+0+0+0+0 35+0+0+0+027+0+0+0+032+0+0+0+0 16+0+0+034+0+0
39+0+0+0+0 +0+032+0+0+034+0+0
19+0+0+0+028+0+ 37+0+0+0+0 +0+038+0+0+0+0 +0+0+0+0 47+0+0+0+0 24
29 34
PESSIMISTIC
49%
35%
2015 Q4
41+0+0+0+0 35+0+0+0+037+0+0+0+030+0+0+0+0 24+0+0+038+0+0
25+0+0+0+0 +0+027+0+0+022+0+0
32+0+0+0+031+0+0+0+0 42+0+0+0+0 +0+031+0+0
46+0+0+0+0 4425
31 38
OPTIMISTIC
41%
35%
16%
24%
2015 Q4
OPTIMISTIC
39%
34%
27%
2016 Q1
25%
37% 38%
2016 Q1
37%
32% 32%
2016 Q2
42%
30%
27%
2016 Q2
47%
2016 Q3
46%
19%
32%
34%
22%
2016 Q3
Improved - Higher Utilization
Decreased The Same Increased Signal Line*
38%
34%
28%
2016 Q4
Decreased The Same Increased Signal Line*
38%
31% 31%
2016 Q4
29%
24%
2017 Q1
2017 Q1
50+0+0+0+0 43+0+0+0+032+0+0+0+036+0+0+0+0 7+0+0+018+0+0
50+0+0+0+0 +0+041+0+0+035+0+0
28+0+0+0+036+0+0+0+0 23+0+0+0+0 +0+037+0+0
37+0+0+0+0 48 1933
27
PESSIMISTIC
50%
43%
7%
50%
Decreased The Same Increased Signal Line*
32%
18%
23%
41%
36%
37% 35% 36% 37%
28%
27%
Worsening Continued
Worsening
31%
33%
44%
48%
47%
25%
19%
aircraft utilization has decreased, which is 5%
lower compared to 2016 Q4, and 20% lower
since 2015 Q4. 52% of respondents said their
aircraft utilization has increased, which is a
13% increase compared to 2016 Q4, and 33%
increase since 2015 Q4.
*An Optimistic-Pessimistic Signal Line has been
added. An optimistic mood is derived if more
respondents indicate a ‘higher’ aircraft utilization
than 12 months ago, and a pessimistic mood is
derived if more respondents indicate a ‘lower’
aircraft utilization than 12 months ago.
Greater China
47% of respondents indicated that their aircraft
OCEANIA
utilization in 2017 Q1 increased, with only 29%
PESSIMISTIC
Much Improved
Improved - Higher Utilization
of the respondents stating that their aircraft
utilization is lower compared to 12 months ago.
This is a 9% increase and 5% drop compared to
2016 Q4. Aircraft utilization began to increase
in 2016 Q3, with the total utilization trend
continuing its rise into the optimistic zone.
Oceania
Overall, respondents in the Oceania region
stated their aircraft utilization remained
unchanged in 2017 Q1, with only 25% of
respondents stating their aircraft utilization
increased. This is a 6% drop from 2016 Q4,
which means the utilization trend line for
Oceania remains in the pessimistic zone for
2017 Q1.
SOUTH AND EAST ASIA
South and East Asia
Aircraft utilization has moved back into the
pessimistic zone after modest improvements
Improved - Higher Utilization
Slightly Worsening
Worsening
in 2016 Q4. Only 19% of respondents reported
an increased use of their aircraft in 2017 Q1,
with this being the second lowest since 2016
Q1. Respondents in South and East Asia are
expecting lower aircraft utilizations to continue
in 2017 Q2.
2015 Q4
2016 Q1
2016 Q2
2016 Q3
2016 Q4
2017 Q1
8 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q1
MANAGEMENT COMPANY SATISFACTION
KEY FACTORS (OUTER IS BETTER)*
Greater China
Central Asia
Customer Service
Oceania
South & East Asia
Similar to 2016 Q4, overall aircraft owners (particularly in the Oceania
region) are satisfied with the ‘Operational Safety’ and ‘Quality of On-board
Service’ but not satisfied with the ‘Value for Money’ (particularly in Greater
China) from their management companies.
Operational
Safety
Most Satisfied
Operational
Efficiency
The Oceania region has the highest satisfaction levels compared to other
regions. Respondents in Greater China are mostly satisfied with ‘Quality
of On-board Service’ but not satisfied with ‘Operational Safety’.
In South & East Asia, ‘Value for Money’ is the most satisfying factor while
respondents are least satisfied with ‘Quality of On-board Service’.
Quality of
Maintenance
Value for
Money (Price)
Respondents in Central Asia have a relatively higher satisfaction level
compared to Greater China and South & East Asia.
Quality of
On-board Service
DO YOU OR YOUR CLIENT OWN OR CHARTER
A PRIVATE AIRCRAFT?
46+14+40+G
Just Charter (14%)
PRIMARY CHOICE WHEN SOURCING
A CHARTER AIRCRAFT
24+76+G
Just Own (40%) Both Own and Charter (46%) Contact Operator (76%)
Contact Broker (24%)
OVERALL SATISFACTION BROKER VS OPERATOR
(OUTER IS BETTER)
Operational
Safety
Operator
Customer Service
4.5
4.0
3.5
3.0
2.5
Broker
Operational
Efficiency
When asked “Do you or your client own or charter a private aircraft?”,
14% of respondents only charter an aircraft, while 40% just own a private
aircraft. The remaining 46% would both own and charter an aircraft. For
“Just Charter“, this is the 3rd consecutive quarter where the percentage
of respondents has increased. Although just a modest increase of 4%
over 6 months, this could nevertheless indicate a growing trend towards
charter versus ownership. Regarding the primary source for charter
aircraft, there appears to be a growing trend towards contacting a broker
versus operator. Again, there has been 3 consecutive quarters now where
the percentage of respondents contacting a broker has increased: 18% in
2016 Q3 to 24% in 2017 Q1, indicating a trend towards the full concierge
service offered by brokers.
Quality of
Maintenance
Quality of
On-board Service
Value for
Money (Price)
When asking our respondents to compare charter brokers and charter
operators, we found that the overall satisfaction level of a charter operator
is generally higher compared to a charter broker, but this difference is
diminishing q-on-q and therefore more respondents are choosing brokers.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 9

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2017 Q1
PURCHASE INTENTION
Contrary to the continued optimism towards the economy in 2017 Q1,
only 23% (4% higher than 2016 Q4) of respondents are considering
purchasing a new aircraft and only 23% of respondents are considering
purchasing a pre-owned aircraft, a 2% decrease compared to 2016
Q4. Just over half (54% of respondents) are not sure or simply don’t
have a plan to purchase an aircraft, which is a continuation of the
same sentiment shared in 2016 Q4, when 56% were unsure. This is
a significant drop though in overall purchase intention (new and preowned)
from 2016 Q3 when 57% of respondents indicated they would
be buying an aircraft.
The purchase intention by region is shown below. In Greater China, the
most welcomed type of business jets are large jets (G650, Falcon 7X,
Global 6000.) and in South and East Asia, the most preferred model
PURCHASE INTENTION 2015 Q4 - 2017 Q1
+0+0+022+0+0+0 +0+0+030+0+0+0
20+0+0+0+0
28+0+0+0+0 19+0+0+0+0+0+0+043 +0+022+0+0+0+0 23+0+0+0+0 +0+029+0+0+0+0 +025+0+0+0+0+0 +0+023+0+0+0+0 +0+058
5848
+056 +0+054
20%
20%
22%
28%
2015 Q4
2016 Q1
19%
23%
22%
22%
2016 Q2
2016 Q3 2017 Q1
30%
Yes, a new aircraft Yes, a pre-owned aircraft No / I’m not sure
29%
25%
23%
2016 Q4
are the medium-sized jets (Challenger 350, G280.), while compared to
Central Asia (India, Pakistan), the most welcomed models are small jets
(Hawker 850, Learjet 45). Different to all other regions in the survey area,
Oceania has a much higher demand for turboprop / fixed wing aircraft,
and models like the King Air 350, Cessna 208.
58%
58%
48%
43%
56%
54%
PURCHSASE INTENTION - REGIONAL DIFFERENCES (FIXED WING)
Corporate Airliner Large Jet Medium Jet Small Jet Turboprop / Piston Fixed Wing
Central Asia 19% 14% 24% 36%
8%
South & East Asia 18% 19% 28%
18%
18%
Oceania 6% 6% 13% 19% 56%
Greater China 17% 45% 32% 4% 2%
INFLUENCING FACTORS ON
PURCHASE DECISION
Influencing factors have been simplified into four major categories:
Need, Public Image, Aircraft Price and Interest – and there are significant
regional differences.
PURCHASE INTENTION - AIRCRAFT TYPE
(OUTER IS PREFERRED)
Piston Helicopter
Corporate Airliner
Large Jet
Greater China
Due to the central government’s welcoming stance on developing
the general aviation market, Chinese aircraft buyers have gone from
worrying about Public Image to realizing being concern now about
finding the right aircraft to suit their interests their next concern is price
followed by need when marking a purchase decision.
Single Turbine
Helicopter
Twin Turbine
Helicopter
Small Jet
Medium Jet
Turboprop/Piston
Fixed Wing
Oceania
With relatively low aircraft utilizatio, this region doesn’t feel the need
to replace or purchase a new aircraft. There is also a high concern
regarding the public image of purchasing an aircraft.
South & East Asia
Respondents don’t believe there is need or interest to buy an aircraft.
They are also less sensitive about the aircraft price, compared to China.
PURCHASE DECISIONS - INFLUENCING FACTORS
(OUTER IS LIMITING)*
Greater China Oceania South & East Asia Central Asia
Need
Most Limiting
Central Asia
The region’s (mostly from India & Pakistan) respondents are equally
motivated by need, interest and price, but public image is not a main
concern.
Public Image
Interest
Aircraft Price
10 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

EVOLVING CHINA’S INDUSTRY,
ONE JET AT A TIME
INTERVIEW WITH MR. CHANG QIU SHENG,
AMBER AVIATION CHAIRMAN
Interview by Litalia Yoakum
Having played a key role in bringing the first Gulfstream jet to China, obtained one of the country’s
first air operator’s certificate (AOC) and established the first privately-owned aircraft management
company in China through Business Aviation Asia (BAA), Mr. Chang Qiu Sheng has always been at
the center of the evolution of China's business aviation industry.
In 2017, his determination to
develop the industry and further
his own experience will once again
emerge with the launch of his new
business aviation management
company: Amber Aviation.
“I graduated from college in 1989 and immediately started my career
in the operations center of Air China,” says Mr. Chang, explaining when
his 30 plus years of experience in the industry began. “At that time the
Beijing Airport had no ground handling service for business jets, which
caused a lot of chaos. The Civil Aviation Administration of China (CAAC)
then asked Air China if they could start a new branch, specializing in
business jets, which would include government-related flights. I was
asked to lead the team.”
Working with the state-owned company taught Mr. Chang the ins and
outs of the business jet sector from ground handling operations to
government flights, including special flights for foreign dignitaries.
During his time with Air China, he served as General Manager of Beijing
Air China Aviation Service Corporation from 1997-2001 and Deputy
Director of the company’s VVIP flight office from 2001-2003. His final
role with the company was Assistant General Manager of the Business
Jet unit, from 2003-2006.
In 2003, he engaged in a transaction that would pave the way for
Gulfstream to become the market leader in the Greater China region
today. Mr. Chang’s involvement in bringing the first Gulfstream aircraft,
a G-IV, to Mainland China proved to be a pivotal move.
“This was a very complex process,” recalls Mr. Chang. “Because there
was no previous experience, the government would take it as very
troubling work. I didn’t know much about the document application
process. I knew we had a duty to help Gulfstream get the required
documents and certificates, which eventually made a big contribution
to the future development and sales of Gulfstream aircraft. All
other OEMs would have to face the same barriers and go through
the process Gulfstream had already passed through. This helped
Gulfstream occupy the Chinese market.”
Shortly after this feat, Mr. Chang took on another monumental task.
In 2004, a Japanese client came to the Air China Business Jet unit, in
hopes of importing his Bombardier Learjet 45 into Mainland China. Just
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 11

INDUSTRY INSIDER
as the effort to bring in the country’s first Gulfstream was troublesome,
so was this transaction, in dealing with the China Customs. This would
turn out to be the first business jet imported into China, as well as the
first aircraft Air China Business Jet would manage.
company ended up with three shareholders, one of which was
Shenzhen Airlines. Mr. Chang and his team were therefore ready to
begin operations in April 2007, the local carrier provided credibility to
the business jet company, which was little known in the region.
As the years moved by, Mr. Chang continued to learn about the
industry, just as he was helping to develop it. What stuck in his mind
though was that one must keep up with the changing market and it's
needs - one needs to keep moving forward.
As the years moved by,
Mr. Chang continued to
learn about the industry,
just as he was helping
to develop it.
Finally, in 2006, an opportunity presented itself that would trigger
a new company, with a new strategy. “A business friend, based in
Hong Kong, was selling a Gulfstream 200 to a local client,” explains
Mr. Chang. “I came to present myself to manage his jet. After our
conversation, the client said: ‘Why don’t you set up your own business
jet management company and I will invest the money.’ He asked how
much I needed and he agreed.”
Looking back, Mr. Chang, now an industry veteran, finds this
conversation to be unbelievable. This ‘leap of faith’ led to the
establishment of Business Aviation Asia (BAA), in Shenzhen, miles
away from Air China Business Jet's headquarters in Beijing. The
The air operator’s certificate (AOC), which took less than a year
to obtain, was one of the first in Central and Southern China for a
business jet management company.
“Before BAA began to make profit in 2011, I was faced with a tough
decision,” explains Mr. Chang. “At that time, our Hong Kong base
operated N-registered aircraft, while the Mainland team managed
the B-registered aircraft, however, both suffered losses. The team
in Hong Kong provided advanced service quality, but safety control
management of pilots, maintenance and operations, was what the
Shenzhen team excelled in. I then made a decision, which would
assure safety and quality service. I put all aircraft in one operational
center and lowered the cost.”
After coming to understand the market and the industry more and
more, Mr. Chang continued moving forward in the progressive
way he had adapted. His team prided itself on continuous aircraft
maintenance, preventing bigger issues in the long run, quality service
that saw the clients’ interest held in high esteem, and that they were
now a team full of experts.
In a move to offer more to its clients, BAA announced in April 2016 a
collaboration with one of the largest business jet companies in the
world, offering fractional jet ownership. The partnership was one Mr.
Chang was familiar with, as his former company Air China had been in
talks for a similar partnership in China, before the project was halted.
For Mr. Chang, the Chinese market was becoming more aware and
more educated, which in his mind equated to a need for more options.
This collaboration was intended to provide those options, serving the
local needs.
12 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

INDUSTRY INSIDER
Before Mr. Chang had the chance to see this new partnership flourish
though, he was once again faced with uncertainty regarding the
direction the company was going. As new outside investors joined
BAA, the company began to experience more disagreements amongst
shareholders. Mr. Chang began to feel not enough time and effort was
being spent solving the problems the company faced.
Throughout his career, Mr. Chang has always believed that investing
and focusing on significant issues such as safety will pay dividends in
the long-run. “There must be a strong safety foundation,” says Chang.
Knowing the industry
and the market are
growing, he is now
ready to provide the
local market with
personalized products.
“The problems I faced before will be solved with Amber Aviation,” says
Chang. “Amber Aviation will be like a supermarket with a lot of products
at various prices. You can buy all or a single product. We will have
different management models and you can pick the one you like. You
can hire your own pilots and flight attendants if that is what you wish.
Amber Aviation will develop a tailored product specific to each of it's
clients.”
In previous years, aircraft owners have often accepted any product
offered, but with education and awareness, owners have a better idea
of what they want. “Amber will satisfy whatever need and request a
client poses.” The one factor Amber Aviation will continue to control is
safety, “the standards of which can’t be changed by clients.”
Founded in February 2017, Amber Aviation will cater to HNWIs and
large corporations, providing a highly customized management service
including charter services, aircraft sales, consulting and maintenance.
Based in Shenzhen, the new company boasts an experienced
management team, with a solid understanding of regional regulations
and laws. Amber Aviation’s dedication toward safety, its team
knowledge, financial strength and ideal geographic location will provide
the base to develop with the market and deliver unsurpassed service
to all clients.
Ready to take on a new endeavor has made way for Amber Aviation,
where Mr. Chang, taking the position of Chairman, will also bring
onboard several key industry veterans to work with him. Mr. Chang
is confident the team, which has about 10 years of experience
working together and has formed a unique bond, will be the core of
this new company.
Knowing the industry and that the market has matured, Chang is now
ready to provide the local market with personalized products, including
a fly sharing program.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 13

COUNTRY PROFILE
SOUTH
KOREA
Gimpo
International Airport
& Avjet Asia (FBO)
Yangyang
International Airport
Incheon
International Airport
Seoul
Wonju Airport
Cheongju
International Airport
Hanseo University
Flight Education Center
Daegu Airport
Pohang Airport
Ulsan Airport
Sacheon Airport
Muan
International Airport
Gwangju Airport
Yeosu Airport
Gimhae
International Airport
Domestic Airport
Jeju International Airport
International Airport
Training Field
14 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

COUNTRY PROFILE: SOUTH KOREA
SOUTH KOREA
by Litalia Yoakum
After transforming itself from one of the poorest economies in the world
to one of the richest in just one generation, South Korea has positioned
itself as an economic powerhouse. Preparing to keep up with the
country’s swift development is the business aviation industry ready to
cater to South Korea’s corporations and growing industry.
Home to more than 50 million people, South Korea inhabits the southern
portion of the mountainous Korean Peninsula, bordered by the Sea of
Japan and the Yellow Sea. After World War II, which coincided with the
end of the Japanese occupation, the southern portion of the peninsula
was created into the now-known democratic government (Republic of
Korea, ROC), while the northern portion installed a communist-style
government (Democratic People’s Republic of Korea, DPKR).
Since its establishment under a democratic government, the country
has thrived with innovation, manufacturing and technology becoming a
competitive market with a highly-skilled workforce, opening the door for
domestic and international business.
Referred to as the “Miracle on the Han River”, for its rapid economic
growth following the Korean War, South Korea now joins the ranks of the
trillion-dollar club of world economies, an unofficial classification given
to countries with a gross domestic product (GDP) of more than USD 1
trillion per year. As the fourth largest economy in Asia, Korea’s economy
is largely dominated by family-owned conglomerates (Chaebols)
including the Samsung Group, Hyundai, LG Electronics and SK Group,
though the country is now seeing the promotion of smaller enterprises
and entrepreneurship and to break the Chaebol's grip on the economy.
In coming years, South Korea’s government faces challenges due
to a high reliance on exports, which comprise about half of Korea’s
GDP, as well as a rapidly aging population, growing inequality and an
inflexible labor market.
Business Jet Fleet — Size Category Breakdown
Large 1 (5%)
Medium 1 (4%)
Very Light 3 (14%)
Light 5 (23%)
27+27+23+14+4+5+G
22
Business Jet Fleet — OEM Breakdown
Hawker 1 (4%)
Airbus 1 (5%)
Bombardier 3 (14%)
Gulfstream 4 (18%)
36+23+18+14+5+4+G
22
Long Range 6 (27%)
Corp. Airliner 6 (27%)
Cessna 8 (36%)
Boeing 5 (23%)
While the country
undergoes a period
of transformation
politically and
economically, several
industries are taking
part in changes of
their own.
* Data Source: Asian Sky Group Fleet Report (Year-End 2016)
South Korea’s current turbulent political climate has caused widespread
international attention, as the country’s first female president underwent
impeachment over a corruption and influence-peddling scandal. An
election for her replacement will take place 60 days from the March
10th decision date for Korea’s Supreme Court to uphold or not her
impeachment. Ongoing tension with the North has also left South Korea
nervous, although the United States has affirmed its commitment to
defend the country.
While the country undergoes a period of transformation politically and
economically, several industries are making changes of their own. In
the business aviation sector, the country has the potential to expand
further to cater to traffic brought on by the country’s vast business
opportunities. In 2018 the South Korean city of Pyeongchang will host
the Winter Olympics, providing a prime opportunity for the country and
the industry to illustrate this capacity to the world.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 15

COUNTRY PROFILE: KOREA
+2 +2 +2 +1 +1 +1
Business Jets — Top Operators by OEM
11
2 2 2 2 1 1 1
Korean Air
Flight Inspection
Center
Hyundai Motor
LG International
Corporation
Airbus 1 1
Boeing 2 2 1 5
Bombardier 2 1 3
Cessna 6 1 1 8
Gulfstream 1 2 1 4
Beechcraft 1 1
Total 11 2 2 2 2 1 1 1 22
SK Telecom
Hanseo University
Hanwha Chemical
Star AeroSpace
Total11 +2
Civil Helicopters — Top Operators by OEM
46
18 18 17 15 12 11 9 9 8
Forestry Dept.
Fire Dept.
HeliKorea
National Police
Coast Guard
Korean Air
Hongik Air
Aero Peace
Star Aerospace
UI Helojet
Total46+18+18+17+15+12+11+9+9+8
Airbus 4 8 1 4 7 8 3 35
Bell 9 2 7 9 2 2 1 2 34
KAI 2 2
Kamov 30 4 2 8 2 46
Leonardo 3 3 3 2 4 4 19
MD 2 1 1 4
Mil 3 7 10
Sikorsky 3 1 3 1 1 4 13
Total 46 18 18 17 15 12 11 9 9 8 163
% of the total Korean fleet 73%
16 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

COUNTRY PROFILE: SOUTH KOREA
STATUS QUO
Though a relatively small business aviation market, South Korea is actively
seeking to make a name for itself among the bigger markets in the Asia-
Pacific region.
At year end 2016, there were 22 business jets based in South Korea, up
from 19 in 2015. Long range jets and corporate airliners each hold 27%
of the fleet, suggesting most use is over longer distances. However, the
shorter-range Cessna models are still the most popular, with 36% of the
market share in the country. Overall, the fleet is young, with the majority
manufactured in the past decade.
Korean Air is the largest operator in the country by far (50% of the fleet), with
11 aircraft including two BBJs, two Global Express XRS’, six Cessnas and
one G650. Samsung Group previously held the largest fleet in the country,
but sold their entire fleet to Korean Air. Samsung is now exclusively using
charter services provided by Korean Air.
Helicopter Fleet — Size Category Breakdown
Light Twin 29 (13%)
Single 59 (27%)
54+27+13+6+G
Heavy 14 (6%) Medium 121 (54%)
223
As far as jet charter, Aviation Business International Services Korea
(ABIS.KOREA) explained that business jet charter services in Korea are
geared towards the large companies based in the country, however larger
conglomerates including SK Group, Hyundai, Hanwha and LG Electronics
Helicopter Fleet —OEM Breakdown
have their own aircraft. 2016 also saw a new charter company join the
market. Star Aerospace established a charter business with the purchase
of a Cessna Citation 500.
KAI 2 (1%)
Enstrom 2 (1%)
“Most business jet charter passengers are foreigners coming out of Korea,
MD 8 (4%)
25+23+20+12+9+5+4+1+1+G
not Korean residents,” says ABIS.KOREA. “However, the Seoul Gimpo
Mil 12 (5%)
Airbus 56 (25%)
Business Aviation Center (SGBAC), the first business aviation terminal,
opened in March 2016. It was developed by the Korea Airports Corporation.
Leonardo 21 (9%)
This will help to develop the business jet market, charter and business
aviation within the country.”
Sikorsky 27 (12%)
223
Helicopter Fleet — Mission Breakdown
Bell 45 (20%)
Kamov 50 (23%)
Law Enforcement 15 (7%)
Multi-Mission 154 (69%)
Offshore 3 (1%)
Charter 2 (1%)
EMS 9 (4%)
Corporate 17 (8%)
SAR 23 (10%)
69+10+8+7+4+1+1+G
223
* Data Source: Asian Sky Group Fleet Report (Year-End 2016)
At year end 2016, there
were 22 business jets
based in South Korea,
up from 19 in 2015.
Long range jets and
corporate airliners each
hold 27% of the fleet.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 17

COUNTRY PROFILE: SOUTH KOREA
At present, Taiwan’s
economic, commercial,
cultural, technological,
agricultural and
tourism are inseparable
from China.
INFRASTRUCTURE CHALLENGES
There are over a dozen airports in Korea, however only a few adequately
serve business aviation needs. These are Seoul’s Incheon International
Airport and Gimpo International Airport, as well as Jeju International
Airport and Busan’s Gimhae International Airport.
Although the fleet only saw minimal growth, 2016 was an important
year for the industry.
“Korea Airports Corporation (KAC), a government investment company,
opened the first business jet dedicated facility on June 16 2016,” explains
Mr. Kyung Ho Kim, Ph.D from Korea Aerospace University and member
of the Korea Aerospace Policy Research Institute. “Operating 14 Airports
in Korea, KAC invested approximately 4.5M USD into the Seoul Gimpo
Business Aviation Center (SGBAC). The facility was constructed by the
Ministry of Land, Infrastructure, and Transport (MOLIT) and KAC to
meet the needs of an increasing number of flights to Korea as well as
to develop the nation as the business aviation hub in northeast Asia.
It includes a VIP terminal which has available on-site CIQ clearance,
and a 10,260m2-large hangar that can accommodate up to 10 G550, with
parking as well as maintenance support offered.”
The new terminal will be a catalyst for growth in Korea’s business
aviation market. Still, the industry needs more than one airport dedicated
to the industry.
As aviation consultant Hyunbae Son explains, “The expansion of Jeju
and Busan airports is quite an urgent situation. Most business jet
flights have to relocate to Gimpo because [business jet] parking slots
are limited due to commercial flights.”
Kim agrees, stating “The main destinations for business jet travelers
to Korea are Incheon International Airport, Gimpo and Jeju. For the
permit, civil-operated airports need at least a 2-day notice, while
military-operated airports require a 7-day notice. Air congestion often
occurs at Incheon and Jeju and it is often difficult to secure slots for
overnight parking.”
Korea’s business aviation industry could also be more successful
with a domestic aircraft management company. “There’s no aircraft
management company in Korea,” says Son. “Therefore, a person or
corporation needing a corporate jet or company commute, must
establish their own aviation team. To operate an aircraft, they need at
least 10 employees, including three pilots and it will cost at least $2.5M
USD annually for employees alone. Once an aircraft management
company is established, that company can manage the aircraft and
the aviation team. More prospects would then be more willing to buy
jets, without having to worry about management, hiring employees and
aviation law.”
ROTARY MARKET
At year end 2016, the civil helicopter fleet stood at 223. This is significant
growth from 2014, when the fleet was 206 and year end 2015 when the
fleet was 210. Most of these helicopters are involved in multi-mission
operations, making up 69% of the fleet, followed by those used for SAR
operations, with 10% of the fleet.
Of the 223 helicopters based in South Korea, nearly 40% of the aircraft
are operated by the Government Forestry Department, Regional Fire
Department and Coast Guard for firewfighting, agriculture spraying and
SAR operations.
“For civil operators, all major markets including firefighting and cargo
lifting are saturated,” says HeliKorea Managing Director, Scott Min.
“Firefighting operations remain the largest market in Korea, in terms
of sales but supply and demand is currently met within this segment.
Although, the Government is now requiring medium and heavysized
helicopters.”
18 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

COUNTRY PROFILE: SOUTH KOREA
The transaction timeline is often lengthy though. “Although the Korean
helicopter fleet has the potential to expand, replacement costs for these
helicopters is high and requires a long process to pass the budget for
purchasing new aircraft,” explains Min.
There are 17 operators with three or more helicopters in their fleet.
The largest operator remains the Ministry of Forestry, operating 46
helicopters, of which 30 are Russian built Kamov helicopters. HeliKorea
and the Fire Department remain in their top spots, with 18 helicopters
each. HeliKorea is the largest private operator, followed by Korea
Airlines and Hongik Air.
Airbus Helicopters holds the largest share of helicopters in the country,
with 56 (25% of the fleet). Kamov follows with 50 helicopters (23% of the
fleet.) Out of all the Asia-Pacific countries, Russian-designed helicopters
in South Korea have the strongest presence, in terms of the number of
helicopters in operation.
TOURISM
According to South Korea’s Ministry of Land, Infrastructure and
Transport (MOLIT), as of December 2016, “The country’s air passenger
traffic reached 50 million in 2007, 20 years after it reached over 10
million in 1987. And now, just nine years since reaching the 50 million
mark, the country’s air passenger traffic has reached over 100 million.”
The increased traffic levels are attributed to both international and
domestic travel.
Although the Korean
helicopter fleet has
the potential to
expand, replacement
costs for these
helicopters is high.
For years, Chinese tourists have flocked to the country, driving up
traffic levels while enjoying the sights of Seoul, Busan and other areas
throughout the country. But times have changed, as Korea-China
relations are on edge over the planned deployment of the American
missile defense system, Terminal High Altitude Area Defense (THAAD).
“As the placement of THAAD is scheduled for September, trade
restrictions from China have started to materialize,” explains Hyunbae
Son. “The number of Korea-China travelers has decreased by 27%
from September 2016 to January 2017.
Amid this tension, the Korean tourism sector is expected to see heavy
economic effects. Korean state media has since reported that China’s
national tourism administration has advised travel agencies to stop
selling group packages from Beijing to South Korea.
Agreeing with this is MasterTech International President, Sam Chae,
whose company works with Sikorsky to provide helicopter services for
Korea’s commercial helicopter market and spare parts for the military,
as well as providing flight training services.
“Several commercial companies in Korea are heavily targeting the
government forestry standby business,” explains Chae. “These
companies often work with the Korean Government, including national
and provincial governments, who hire helicopters for firefighting
standby. This business is booming and companies are making good
profit from this. “
While forestry operations do particularly well in Korea, other
operational segments are picking up too, as part of a government plan
to expand search and rescue (SAR) and emergency medical service
(EMS) operations. Additionally, helicopters for VIP and corporate use
are often utilized by large Korean conglomerates including SK Group,
LG Electronics and Hanwha.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 19

COUNTRY PROFILE: SOUTH KOREA
FUTURE EXPECTATIONS
The notion that
business aviation
and business jets
are exclusively for
the wealthy must
be erased.
For a country amidst scandal and turmoil, the upcoming 2018 Winter
Olympics in Pyeongchang is a chance for the country to showcase its
capacity.
“With the opening of the dedicated facility last year at the Gimpo
Airport, the interest in business aviation is gradually rising, including
policy makers that are managing the industry, potential customers for
business jets and suppliers that provide the products and services,” says
Kim. “We predict a substantial increase of potential customers, including
major enterprise business owners, but also small and medium-size
enterprises, especially in the manufacturing field, IT and service.”
For the industry to continue to grow, Kim believes the notion that
business aviation and business jets are exclusively for the wealthy
must be erased and business aviation needs to be seen as “an industry
contributing to creating jobs and creating economic growth. Business
jet use should be nurtured in Korea, and considered as an efficient tool
for business.”
“Investment from the government should continue, and regulations
for business jets should be developed further,” claims Kim. “This
is to build a foundation for an environment that the public will be
exposed to, so that they will fully understand the industry and acquire
an increased awareness. When this happens, we will grow fast like
Mainland China and Hong Kong has.”
Fleet by Age
223 in Total
20
18
16
14
12
10
8
6
4
2
0
1957
1958
1958
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Year of Manufacture
20 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

REDEFINING THE WORLD OF
LUXURY PRIVATE FLIGHT zettajet.com
Zetta Jet combines the very best in talent, facilities and
technology to deliver a revolutionary flight experience.
Contact our 24x7 global concierge desk for a customised
flight itinerary to meet your travel desires.
We strive to deliver the ultimate in luxury travel.
Truly personalised, private flight.
It’s about time
Concierge Desk
T (US) +1 888 995 7908
T (SG) +65 6483 8870
NEW YORK | LONDON | LOS ANGELES | BEIJING | SINGAPORE | SHANGHAI
FAA Certificate Number I1DA914J
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 21

DEVELOPING THE INDUSTRY
WITH KOREA’S FIRST FBO
INTERVIEW WITH MR. WOOKSANG CHO,
AVJET ASIA CEO & PRESIDENT
Interview by Litalia Yoakum
Providing 35 years of world-class, executive jet charter, aircraft
management, completions and sales management services to
clients across the world, Avjet entered the Asia market in 2008.
Established by Mr. Marc J. Foulkrod, former owner of Avjet Corporation,
along with Mr. Wooksang Cho, former Executive VP of Samsung’s
Business Jet Operations Team, the duo saw the importance of the
China market and the potential of the Korean market. From there, Avjet
Asia was born, offering multi-lingual, multi-national operational support
around-the-clock.
In 2016, the Avjet Asia team was at the forefront of opening Korea’s
first fixed-based operation (FBO) in Seoul. Working with Korea Airports
Corporation (KAC), the FBO has allowed Korea to become a business
aviation hub, as well as providing the country with the right tools to
continue to develop its industry.
Why did Avjet come to Asia and specifically Korea?
With a growing number of business jets in the Asia-Pacific region, we
believed a dedicated facility was needed in the Korea.
Operating 14 Airports in Korea, KAC agreed to the construction of an FBO
but was new to the concept and operation. They requested concrete and
abstract assistance from Avjet Asia, because our staff has extensive
experience with ground handling and flight support services. Avjet Asia
was fully involved in the process — from the conceptual ideas of the
FBO, to the required environment and equipment, operational issues,
and safety measures.
Opening in June 2016, the Seoul-Gimpo Business Aviation Centre
(SGBAC) functions as a VIP terminal, with private lounges and where
customs, immigration and quarantine (CIQ) clearance is done.
KAC operates the Business Aviation Centre to control regulations
and procedures, specifically for CIQ. Adjacent to the terminal is the
maintenance hangar operated by Avjet Asia.
Korea now has the potential of being a major transit stop within
Northeast Asia because it is located two hours from major cities such as
Beijing and Tokyo. We see good growth prospects for business aviation
here in Korea.
What services does Avjet Asia provide?
As the first and only FBO in Korea, Avjet Asia provides services that are
dedicated to business jets. To fulfill this, we have continuously put in
effort to develop a well facilitated FBO.
We offer all the necessaries for a smooth flight, all done under
experienced experts from the Flight Support Team and Aircraft
Maintenance Team. Requests for permits and permissions, flight plan
filing and slot coordination are responded to 24/7 and secured at a
suitable time. For ground handling, we provide all the requirements
including full ramp services, VIP escort, aircraft cleaning and refueling,
in-flight catering, hotel booking, and transportation arrangement.
22 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

INDUSTRY INSIDER
We have our own equipment designated for business jets available,
including a towbarless tractor, oxygen, nitrogen, LAV, and POT. We have
secure parking spots committed to business jets in front of our hangar.
Apart from supervisory agents, we also provide end-to-end services by
allocating our staff to crew and passengers respectively.
Our maintenance hangar is available for aircraft parking and minor
maintenance work. Fully integrated, the 5,130m2 hangar can
accommodate six G550s, as well as overnight or long-term hangar
storage. We also have FAA AMP-licensed engineers.
What challenges were business jet travelers faced with,
prior to the new FBO?
Before the FBO opened, there was no facility designated for business
jets travelers, meaning that one-stop FBO services were not available in
Korea. Speedy, private CIQ procedures were unavailable, so passengers
and crew had to clear CIQ at the commercial terminal with commercial
passengers. Also, amenities that are available in FBO terminals such as
crew/passenger lounges, conference areas, and relaxation rooms were
not available.
Before the FBO
opened, there was no
facility designated for
business jet travelers,
meaning that one-stop
FBO services were not
available in Korea.
There was no ground support equipment for
business jet and no other option but to use
airline facilities and equipment for ground
handling. Parking spots purposed only for
business jets were limited, making it hard for
ground handlers and agents to secure spots
for the aircraft.
How has the new FBO improved
Korea’s business aviation industry?
Functioning as a VIP terminal, the SGBAC
improved the business aviation industry by giving a positive flight
experience to travelers. Time-effective CIQ procedures with privacy
guaranteed, as well as the aircraft in safe hands led to an improvement
in customer experience. The reaction from the local aviation industry
and customers is very positive.
What can business jet travelers expect from the FBO?
From the fixed structure, travelers will be provided a less than 10-minute
CIQ clearance through the FBO. Other amenities include an open lounge,
three private lounges for crew and passengers, shower and relaxation
rooms, conference rooms and a refreshment stand.
The FBO was specifically constructed at the Gimpo International
Airport (RKSS) because of its ideal location just 30 to 40 minutes
from Seoul’s downtown district, making it easy to access the city. The
airport also provides ample parking stands and plenty of slots.
Clients that are traveling at length in Korea and require parking can
also use the FBO at RKSS. Unlike other airports in Korea, hangar space
is available for overnight and long-term.
What are some of Avjet Asia’s latest successes in the
market?
With the dedicated facility, we have been able to handle all flights
including private jets with a larger number of passengers, including
China’s national football team. We’ve also provided a high level of privacy
to celebrities and other highly recognizable individuals that need such
services fast, particularly efficient CIQ clearance.
We have initiated a program to develop maintenance work for business
jets. With an FAA-certified maintenance team, we provide maintenance
support and space, and are in the process of expanding our
maintenance capacity by cooperating with local aviation companies.
What are some of the ongoing partnerships Avjet Asia
has developed?
Avjet Asia has a partnership with KAC under a ten-year contract,
operating the maintenance hangar. We are planning to attend 2017
ABACE (April 11-13, 2017) with a joint operating booth to promote the
SGBAC and FBO services.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 23

INDUSTRY INSIDER
We know we have the
potential to be more.
With our expertise and
wealth of experience,
we will show how
Korea’s business
aviation market will
develop.
Avjet Asia is expecting to join the Air Elite Network during the first
half of this year. We are proud to be the next to join in Northeast Asia,
following Deer Jet, to add to the value of the network.
Avjet Asia also collaborates with five-star hotels in Korea for in-flight
catering. We provide the best of services to travelers, and consider the
catering experience important as well. We offer a wide-range of menu
choices to meet specific tastes, requirements and dietary restrictions.
What can the industry expect from Avjet Asia over the
next few years?
As the first and only FBO in Korea, Avjet Asia is becoming more involved
with the planning of other FBOs, and continuing to expand and develop
within the region. We aim to provide the best quality ground handling
services by advancement in both human resources and maintenance/
GSE equipment. We also expect a demand for aircraft to be based in
Korea from nearby regions, and will provide the required services and
requirements for assistance.
We anticipate our business will expand to aircraft maintenance and
management. We know we have the potential to be more. With our
expertise and wealth of experience, we aim to lead the development of
Korea’s business aviation market.
www.avjet.kr
24 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

Delivering financing value for business aviation
Up to 100% financing Operating Leases with no residual value risk Financing solutions that meet customers needs
SELECT INTERNATIONAL FINANCINGS
Finance Lease
airbus acJ
• Two week closing
• High advance rate
• Favorable VAT structure for client
• Pre-owned aircraft
Operating Lease
Lear 45
• Pre-owned aircraft
• Three week closing
• 100% financing
Operating Lease
gLObaL 5000
• Pre-owned aircraft
• 100% financing
• No residual exposure for client
Operating Lease
chaLLenger 350
• Client selected operating lease
(vs. financing lease)
shortly before delivery
• 100% advance rate
Finance Lease
g650er
• 100% advance rate
• Progress payment
financing included
• Favorable VAT structure for client
Finance Lease
guLFstream g650
• Non traditional jurisdiction
• 10 year term
• High advanced rate
Contact David Henderson at +61 450452828 or email him at dhenderson@globaljetcapital.com.
globaljetcapital.com
LEASING & LENDING SOLUTIONS FOR PRIVATE AIRCRAFT
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 25

ENSURING ALL YOUR CHARTER
NEEDS ARE MET
INTERVIEW WITH MR. SEONGBAE CHO,
KOREAN AIR BUSINESS JET SENIOR VICE PRESIDENT
Interview by Litalia Yoakum
Offering flexible schedules, hassle-free boarding, maximum
and ultimate safety, Korean Air Business Jet was
established in 2007 to cater to the growing demand
from clients, including foreign dignitaries, senior executives and
celebrities. Today, the charter division of Korean Air has grown
to become one of the largest operators in the country, and in
Northeast Asia. Clients can now expect an easy-to-access charter
service committed to meeting every need.
How did the business jet division of Korean Air come
about?
Korean Air, as the national carrier of the Republic of Korea (ROK), is
performing a pivotal role in enhancing Korea’s growing reputation in the
aviation industry. As of 2016, Korean Air owns 160 aircraft and operates
scheduled flights to 131 cities in 46 countries worldwide. The airline
established the Private Charter Business Department in 2007, which
exclusively manages the commercial charter sales and operations. At
that time, the company only owned one corporate G-IV jet, and today
Korean Air is one of the leading operators in Northeast Asia with five
business jets and seven helicopters.
How large is the business jet fleet and what aircraft
models are included?
Korean Air currently operates a fleet of five business jets for customers
– two BBJ, two Global Express XRS, a brand-new G650ER.
Our BBJ has a special seating feature which can be customized
to accommodate 16 seats or 26 seats, per our clients’ needs. The
Global Express XRS provides 12-13 spacious seats which include a
convertible sofa-bed which allow passengers relief from fatigue during
long-distance travel.
Our newest aircraft, a G650ER, is one of the most beloved business
jets in the world for its extended long-range performance as well as its
spacious and sophisticated interior, featuring panoramic windows and
12-13 seats, including convertible bed seats that offer passengers the
utmost comfort. These aircraft ensure passengers will have the most
premium experience from Korean Air.
What are some of the requirements for a charter operator
in Korea?
In Korea, it is more common for operators to use commercial aircraft
than small aircraft for charter operations. Therefore, the related
regulations are similar to those of commercial aircraft charter.
In addition, most of the charter operations are international flights and
thus, the entry barrier tends to be very high. Currently, there are eight
international carriers registered, including Korean Air, and five operators
who are registered with small aircraft of less than 50 seats.
Moreover, due to the special circumstance that South and North Korea
are divided, most of the small domestic airports are controlled by the
ROK Air Force, and therefore only pre-registered aircraft, such as Korean
Air Business Jets, can depart and arrive for domestic routes.
26 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

INDUSTRY INSIDER
Under this requirement, Korean Air is one of the operators that
can provide international-domestic services that connect the main
international airports, such as Incheon, Gimpo and Gimhae, directly
with local cities using our business jets and helicopters. Recently, we
are seeing an increase in customer inquiries for jet services to the
cities located near Pyeongchang, where the 2018 Winter Olympic
Games will be held.
What is the target market for Korean Air Business Jet?
CEOs and senior executives of global companies are our key customers,
while famous international celebrities and leaders of nations also use
our business jets to travel around Asia attending special events. Korean
Air is always continuing to develop possibilities for new markets
and customers.
How does the business jet division differ from some of
the other charter companies on the market?
Incomparable professionals: Our well-experienced pilots are what we
define as the critical differentiator. They are trained not only for business
jets but also for other aircraft, which creates an all-rounded crew for
the airline. They can handle different situations flexibly, regardless
of whether it is a short-haul or long-haul flight. As a leading airline
company, which houses a well-reputed infrastructure for training and
maintenance, Korean Air can assure travelers will have a pleasant trip
delivered by our professionals.
Cost-effective and seamless connection: Passengers can schedule their
journeys smartly by combining our business jet service and regularly
scheduled flights, enabling them to experience our seamless one-stop
connection. For instance, if a passenger wants to travel from New York
to Hong Kong, he or she may choose to fly with our scheduled flight
from New York to Incheon in our first-class cabin, well-known for its
luxurious service and spacious seats. In no time, the passenger can
continue his or her journey with our business jet, which will be waiting
at the airport for the passenger. This is a cost-effective and timesaving
option, optimized to fit our clients’ needs.
Confidence in airline safety: With a history of 48 years and experience in
extensive training, Korean Air has strong background and experience to
offer passengers safe flights with the utmost comfort.
Excellence of Service: At the airport, our dedicated staff will directly
assist VIP customers from check-in to boarding to ensure their travel
experience is simple and quick. Our unsurpassed in-flight service is wellsupported
by a group of attentive cabin attendants, all specially trained
to offer customers the best service.
In-flight dining: Delicious and memorable, our award-winning meals are
created by a team of chefs de cuisine using the finest ingredients to
tantalize the palates of our customers.
As a premium airline,
Korean Air puts service
quality as the most
important factor. We
are very responsive to
customers’ feedback
and are always ready
to listen.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 27

INDUSTRY INSIDER
What does Korean Air Business Jet do to ensure that a
client is satisfied on each flight?
Korean Air Business Jet puts service quality as our most important
factor. Therefore, we are very responsive to customers’ feedback and
are always ready to listen. We believe that satisfying our customers is a
top priority and the ultimate goal for the company.
What is the company doing to keep up with hi-tech and
constantly connected clientele?
We have a dedicated desktop and mobile website for Korean Air
Business Jet, which provides customers easy access to Biz Jet charter
service offerings. Our mobile site has specific information about our
fleet including pictures and specifications in six different languages
–Korean, Japanese, Chinese (Mandarin and Cantonese), Russian and
English. Additionally, customers can easily send their inquiry by clicking
just one button on our mobile site, ensuring the utmost convenience.
This way, we can stay connected to our customers of diverse global
markets and the growing needs of the industry.
Korean Air is the only
business jet operator
in the Korean market
and it is a key driver
contributing to the
expansion of the
business jet market.
What are some of the successes the company has
achieved over the last year or two?
Providing a one-stop solution covering all processes from aircraft
maintenance, ground service and to operation, Korean Air has been
providing long-term charter contracts with our regular customers for
several years. These are encouraging results for us to establish a fixed
and stable passenger demand and driving further business. Recently,
we introduced our latest aircraft, G650ER, which strengthened our
competitiveness in the market.
What does the future hold for Korean Air Business Jet?
Korean Air is the only business jet operator in the Korean market and
is a key driver contributing to the expansion of the whole business
jet market. We expect the demand for business jet operations in
Northeast Asia will continue to grow constantly.
bizjet.koreanair.com
Are there any challenges that the business aviation
industry in Korea faces?
Unlike the advanced business aviation markets in North America and
Europe where there is stable demand, the Korean market is likely to be
influenced by external factors such as political and economic factors.
Furthermore, Korea has a relatively low domestic demand due to
the small territory and it is also lacking in airport infrastructure and
dedicated facilities for business aviation .
28 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

ADVOCATING FOR
CLIENTS’ INTERESTS
INTERVIEW WITH PAUL JEBELY,
PILLSBURY WINTHROP, MANAGING PARTNER
Interview by Litalia Yoakum
The son of a Captain and a Flight Attendant, Paul Jebely is rated as the
top business aviation lawyer in Asia by Chambers & Partners (and one of
the top four worldwide). He is counsel to some of the world’s wealthiest
business aircraft owners and their financiers. With hundreds of transactions
and even numerous repossessions under his belt, the 36 year-old Managing
Partner at Pillsbury Winthrop is described by his peers as someone who “knows
the industry on a global scale.”
Tell me a bit about your background and how you ended
up at Pillsbury Winthrop?
I grew up around aviation, but not around white collar work. I played
competitive sports and wanted a professional athletic career, but
somewhere around the time that I saw my name listed next to the
number 318 in the professional (American) football draft I realized that
I had definitely made the right decision going to law school. I also did
some multi-engine flight training and could have easily gone that route
like my father, but I instead parlayed my love of aviation into a career as
an aviation lawyer.
In terms of the legal profession, I made my way up the ranks extremely
quickly as I worked in Toronto, Kuwait, London and Hong Kong. I made
equity partner at a major law firm in less than 6 years, and was global
practice head by the following year. I did a part-time executive education
program over two years at Stanford, which I credit/blame for implanting
in me the desire to build something from the ground up. So, in May
2016 my team and I launched the Hong Kong office of a venerable 150
year old American law firm, Pillsbury Winthrop. Arguably, the mental
state needed to make equity partner by the age 31 or to leave a very
comfortable situation at 35 to launch a new “start-up” enterprise are not
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 29

INDUSTRY INSIDER
palatable for most but, simply put: I love what I do. To me, this is a hobby
first, a business second, and a job third.
What range of services can you personally provide for
business aviation clients?
Business aviation is at the core of my legal practice, and I am privileged
enough to get to do a wide range of work that I enjoy for major clients
all over the globe on a constant basis.
Being among a rare breed of aviation lawyers that are both English and
New York law-qualified, I typically serve as lead counsel on any variety
of business aircraft purchase, sale, management, lease and finance
transactions. If an aircraft-owner client wishes, this can include what I
call “tip to tail legal service” that also covers advice on optimal ownership
structures, choice of aircraft registry, warranty/maintenance contracts,
aircraft charter and other shared use arrangements, pilot contracts,
review of insurance policies and so on. I also handle restructuring,
commercial disputes and enforcement scenarios when the need arises
– as it increasingly has over the past few years.
When representing a client on the purchase, sale or
finance of an aircraft, what is your main goal?
I like to say that the best lawyers are the ones who live in the blank white
spaces in between the lines and at the edges of contracts. In that light,
my main goal on such transactions is good old-fashioned advocacy.
“Advocacy” does not mean playing a zero-sum game – indeed effective
negotiation is often not just about what you take from the table, but also
what you leave on it. It all should come packaged in as diplomatic and
courteous a wrapper as the situation demands in order to attain the
The best lawyers are
the ones who live in the
blank white spaces in
between the lines and at
the edges of contracts.
desired outcomes while preserving goodwill between the commercial
parties. It also includes ensuring that the client is afforded actual legal
advice and has the full situational awareness of the transaction terms
necessary to sign on the proverbial dotted line.
A very close but firm second to advocacy is ensuring execution – with
the highest transaction velocity the situation permits in order to get the
deal closed on favorable terms. I am aware that some may prefer if
lawyers take the reverse view of priorities, taking a purely mechanical
execution role. I generally respond by saying something like “no domo
arigatio, Mr. Roboto!”
What is the biggest hurdle that you face in your own
business?
To quote Oscar Wilde: “Nowadays people know the price of everything,
and the value of nothing.” The value that a strong and seasoned
business aviation lawyer can add on behalf of his or her client
should not be understated, though it increasingly is. There can be a
dismissiveness and/or fear of the involvement of such lawyers on
transactions by counterparties or intermediaries, sometimes diffuse,
sometimes virulent, usually misguided. It is, therefore, often necessary
to spend time ingratiating with, and calming the nerves of various types
of characters in order to be more effective in advocacy and execution on
behalf of clients.
What is the best advice you can offer business jet
purchasers publically?
My best advice for any purchaser is: “Please Be Advised.” Just as it is
often better to wait for the common sense of the morning to prevail
before doing something drastic, it is often better to seek professional
advice before signing something drastic. In that light, do not sign
Letters of Intent on the assumption that they do not constitute legally
binding obligations, because very often they do. I have seen, from both
sides of the table, many situations where an owner has not sought
professional advice (be it from an experienced broker or lawyer) before
legally committing him or herself to the purchase of a new or used
aircraft in this manner. In my experience, those scenarios can result
in a calamitous failure to ensure a “meeting of the minds”, which then
results in a cascade of misinformation, misunderstanding and the
occasional misdemeanor.
What is the current forecast for this industry
in Asia Pacific?
Cloudy, with a chance of charlatans.
What are some of the challenges facing the
industry in the Asia-Pacific region?
The Asia-Pacific region today is an intoxicating place and
time for this industry. The party can and does end quickly,
however. The main challenge we face is the enormous
amount of systemic uncertainly that can swiftly and
severely impact the industry. Compare, for example, new
sales activity in China today versus even three years ago.
No one could have forecasted the degree to which such
activity has slowed.
30 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

INDUSTRY INSIDER
While such macro-level economic trends are outside of the control of
even the most powerful in the industry, the key micro-level challenge
as I see it remains the lack of seasoned human capital. This itself is
nothing new, but what is new and particularly challenging is that the gap
between what some market participants actually know and what they
say (and maybe even think) they know is growing alarmingly wide. What
is more, business aviation in the Asia-Pacific region is not, for example,
basketball, where the game is played by the same basic rules by those
who play the game. Still, it does not serve anyone’s interest to dwell on
or be overly public about such complexities
Asia-Pacific today is
an intoxicating place
and time for this
industry.
In 2015 you received a lifetime achievement award
for “Outstanding Contribution to African Aviation
Development”. Where do you see business aviation in
Africa going?
In 2010 I was quoted by the Financial Times as saying “I’m certainly
quite bullish about African business aviation.” While I do not think any
will ever accuse me of suffering from a lack of confidence generally, I
was perhaps a bit too early in my confidence in this respect. That said,
it is one of those quotes that I can point to even in 10 years if/when the
market finally does truly take off and say “I totally called that!” I have done
a not-insignificant number of African transactions in the interim, but the
signs of market distress are clearly evident to me at this juncture, in
large part due to the fall in commodities prices that has had a significant
impact on African wealth. Compounding this are infrastructure issues
that continue to plague African business aviation and African aviation
more generally. Still, the African continent has plenty of (mostly paved)
runway ahead of it.
What are some of the successes the firm has seen
since you opened in Hong Kong, and what are your
expectations for the firm in the next few years?
I take extreme ownership of everything in this respect. Our Hong Kong
office, in the SoHo district, has been open for less than a year, and the
tiring but fulfilling work of systematically building a profitable law office
is already well-advanced. We have, for example, already assisted on over
$1 billion worth of business and commercial aviation transactions for
existing and many new clients, including some of the most well-known
corporations and individuals in Asia and elsewhere.
Our office’s other key practice areas are private wealth and white collar
crime, and we are growing both areas alongside our team of five aviation
lawyers. We have great support from our peers across Pillsbury’s two
offices in Mainland China, our office in Tokyo, and our 17 other offices
cross the US, UK and UAE. There can be no leadership where there
is no team, and I am blessed that today I can surround myself with a
squadron that is both first class and first in its class.
www.pillsburylaw.com
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 31

MARKET DYNAMICS
PRE-OWNED BUSINESS JETS FOR SALE
INVENTORY VALUE (USD)
$8,244M
APR 2016
WORLDWIDE
$7,772M
NOV 2016
$7,206M
$6,512M
$991M
ASIA PACIFIC
$1,536M
JUN 2016
$1,234M
Mar
2015
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2016
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2017
Feb
The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms. 1
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 as 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
NEUTRAL ZONE
SUPPLY IMBALANCE
AIRCRAFT SOLD
14 15
25 24
34
26
21
18
16
21
25
13
11
24
26
21
30
20
17
22
25
19
15
10
Mar
2015
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2016
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2017
Feb
1 ASG’S INVENTORY VALUE LINE IS CALCULATED BY TAKING THE TOTAL NUMBER OF AIRCRAFT FOR SALE FROM A SELECTION OF 26 DIFFERENT MODELS, MULTIPLIED BY THEIR AVERAGE ASKING PRICES.
32 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
AVERAGE ASKING PRICE
MILLION USD
28
27
26
25
ASIA PACIFIC
24
23
22
21
20
WORLDWIDE
19
18
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
% OF FLEET FOR SALE
14%
13%
ASIA PACIFIC
12%
11%
10%
WORLDWIDE
9%
8%
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
AVERAGE DAYS ON MARKET
420
400
380
ASIA PACIFIC
360
340
320
300
280
WORLDWIDE
260
240
220
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 33

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
BUSINESS JETS
2017 Q1
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY >
DEMAND
% OF FLEET
FOR SALE
MODEL
TIME ON MARKET
NO TRANSACTIONS
20.0%
8.5%
AIRBUS
ACJ318
ACJ319
12.1%
9.1%
BOEING
BBJ
BBJ2
11.0%
CL604
8.7%
8.8%
8.4%
BOMBARDIER
CL605
CL850
GL5000
5.5%
GL6000
NO TRANSACTIONS
20.1%
15.1%
20.7%
EMBRAER
L600
L650
L1000
12.2%
11.9%
F2000LX
F7X
AVERAGE
AVERAGE
NO TRANSACTIONS
4.2%
11.9%
DASSAULT
F900DX
F900EX
10.0%
F900EXe
17.0%
F900LX
12.2%
G200
6.1%
8.2%
6.9%
7.0%
GULFSTREAM
G280
G450
G550
G650
6.6%
G650ER
400% 300% 200% 100%
0
Average AC for sale / Total sold in last 12 months
9.7%
Average
0 200 400 600 800 1000
The above chart reflects where certain aircraft models are positioned
in terms of supply and demand balance (based on a ratio of completed
transactions compared to the number of sellers, and average number
of days on the market for a transaction to take place).
While the market indicators shown on the previous page continue
to show negative trends, the decline in pre-owned asking prices
appears to have stimulated increased demand for certain models,
leading to an increase in transactions and a more balanced state of
supply and demand.
These indications do not necessarily mean 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.
34 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
This has been seen most acutely in certain Gulfstream models,
including the G450, G550, and G650, as well as the Falcon 7X and the
Bombardier Global 6000 and C605, with each seeing more transactions
relative to the number for sale, and requiring less time on the market for
sellers to complete a transaction.
These pockets of market stability are reflected in the continuing
decline in the overall amount of inventory for sale in the market and the
percentage of the available fleet for sale.
However, even as certain models are stabilizing, the remaining supply
of inventory is taking longer to sell and experiencing declines in
asking prices.
Source: JETNET & ASG

MARKET DYNAMICS
MARKET POSITIONING
BUSINESS JETS
SUPPLY IMBALANCE
Balanced
Supply & Demand
DEMAND IMBALANCE
AIRBUS
BOEING
ACJ318
ACJ319
BBJ 1
BBJ 2
CL604
BOMBARDIER
CL605
CL850
GL5000
GL6000
EMBRAER
L600
L650
L1000
F2000LX
F2000LXS
F2000S
DASSAULT
F7X
F900DX
F900EX
F900EXe
F900LX
G200
GULFSTREAM
G280
G450
G550
G650
G650ER
The above chart provides a visual representation of the Supply /
Demand Ratio of each aircraft model relative to the overall market, and
resulting from a ‘Marketability’ calculation for 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).
When taking into account these four factors, the Bombardier Global 6000
and Challenger 605, the Falcon 2000 class and the various Gulfstream
models appear well positioned to find buyers available.
* ASG chose 26 popular aircraft models as described in this report
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 35

MARKET DYNAMICS
PRE-OWNED CIVIL HELICOPTERS FOR SALE
INVENTORY VALUE (USD)
$1,244M
WORLDWIDE
$775M
$120M
$1,536M
JUN 2016
ASIA PACIFIC
$119M
Mar
2015
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2016
Oct
Nov
Dec
Jan
2017
Feb
The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms. 1
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 as 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
NEUTRAL ZONE
DECLINE
SUPPLY IMBALANCE
AIRCRAFT SOLD
8
5
11
15
6
4
7
2 2
4
12
5
7
4
5
7
10
6
10
6
7 7 7
8
Mar
2015
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2016
Oct
Nov
Dec
Jan
2017
Feb
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.
36 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
AVERAGE ASKING PRICE
MILLION USD
7
6.5
6
ASIA PACIFIC
5.5
5.0
WORLDWIDE
4.5
4
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
% OF FLEET FOR SALE
5.5%
5.0%
ASIA PACIFIC
4.5%
4.0%
WORLDWIDE
3.5%
3.0%
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
AVERAGE DAYS ON MARKET
600
550
500
ASIA PACIFIC
450
400
WORLDWIDE
350
300
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 37

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
CIVIL HELICOPTERS
2017 Q1
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY > DEMAND
TIME ON MARKET
% OF FLEET
MODEL
FOR SALE
20.0%
S76C+
8.9%
SIKORSKY
S76C++
1.8%
S92A
3.7%
2.9%
4.3%
BELL HELICOPTER
BELL 412EP
BELL 412HP
BELL 429
13.7%
AW109E PWR
AVERAGE
4.1%
2.9%
LEONARDO
AW109SP GN
AW139
AVERAGE
6.0%
AS332L1
4.2%
H225
8.4%
2.1%
1.5%
AIRBUS HELICOPTERS
EC135P2
EC135T2
EC145
30.0%
EC155B
9.1%
H155
350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
5.3%
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 balance (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).
While the market indicators shown previously continue to show
negative trends, and the supply of inventory available for sale continues
to increase, the supply and demand ratio for certain helicopter models
reflects a positive balances.
This can be seen most acutely in the Sikorsky S92 (heavy), the Bell 429
and Airbus EC145 (light twin).
38 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET DYNAMICS
MARKET POSITIONING
CIVIL HELICOPTERS
SUPPLY IMBALANCE
Balanced
Supply & Demand
DEMAND IMBALANCE
S76C+
SIKORSKY
S76C++
S92A
BELL HELICOPTER
BELL 412EP
BELL 412HP
BELL 429
AW109E PWR
LEONARDO
AW109SP GN
AW139
AS332L1
H225
AIRBUS HELICOPTERS
EC135P2
EC135T2
EC145
EC155B
H155
The above chart provide s 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:
The S92 has benefited from the grounding of its closest competitor,
while the B429 and the EC145 models have retained a favorable ratio
due to their use outside the oil and gas industry, and the model’s
popularity with Governments and EMS providers.
1. The percentage of aircraft for sale relative to its fleet size.
2. The number of aircraft sold relative to the average number for sale.
3. The average days for sale relative to the overall market average.
4. The momentum of the marketplace (represented by the trend
towards supply and demand market equilibrium portrayed earlier).
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 39

参 加 亚 洲 公 务 航 空 大 会 及 展 览 会 (ABACE2017)、 与 数 以 千 计
的 公 务 航 空 领 导 者 、 企 业 家 和 其 他 采 购 决 策 者 齐 聚 一 堂 。 无 论
是 对 于 将 公 务 航 空 视 为 商 机 的 投 资 者 或 计 划 使 用 公 务 飞 机 的 公
司 来 说 , 还 是 对 于 长 期 将 飞 机 作 为 高 价 值 商 业 工 具 的 航 空 部 门 来
说 ,ABACE2017 都 是 最 佳 的 理 想 去 处 。 请 您 预 留 出 参 展 时 间 ,
您 也 可 访 问 ABACE 官 方 网 站 以 获 取 更 多 信 息 。
Join thousands of top business aviation leaders, entrepreneurs,
and other purchase decision-makers for the Asian Business
Aviation Conference & Exhibition (ABACE2017). This is the
perfect venue for investors considering aviation as a business
opportunity; companies thinking of using an aircraft for
business; and flight departments who have long used
aircraft as a valuable business tool. Visit the website to
learn more and register today.
REGISTER TODAY
www.abace.aero
40 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

AIRCRAFT SPOTLIGHT
GLOBAL XRS/GLOBAL 6000
With over 50 years in the industry, aircraft manufacturer Bombardier
boasts one of the largest lines of business jets of any original equipment
manufacturer (OEM), with three leading aircraft families - Learjet, Challenger
and Global. In 2005, Bombardier added to the fleet with the Global Express
XRS, upgraded from the already successful Global Express.
After introducing the Global 5000, Bombardier then launched a rebranded
version of the Global Express XRS — the Global 6000. Similar to the 5000
variant, the Global 6000 immediately makes customers aware of its range
through its name.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 41

AIRCRAFT SPOTLIGHT
GLOBAL XRS AND 6000 MARKET CONDITIONS - PAST 12 MONTHS
Inventory Level
No. for Sale No. for Sale X Avg. Asking Price
700
600
500
400
300
8+0+0 0+23+06+0+0 0+22+06+0+0 0+22+05+0+0 0+24+08+0+0 0+26+0 10+0+0 0+26+0 12+0+0 0+26+0 13+0+0 0+22+0 13+0+0 0+27+0 12+0+0 0+19+0 11+0+0 0+25+0 13+0+0 0+28+0
$518M
$349M
8
23
Global 6000
Global XRS
22
22
6 6 5
24
8
26 26 26 27
10
12 13
11
25
13
28
15
28
22
13 12
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
$439M
$421M
19
FLEET AGE DISTRIBUTION
No. of Aircraft in Operation
60
50
40
30
20
10
0
Global XRS Global 6000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
The ultra-long-range Global Express XRS is powered by two Rolls-
Royce Deutschland BR710A2-20 turbofan engines, allowing it to fly
transcontinental and intercontinental flights with a 6,100+ nautical-mile
range. Its long-range speed is Mach .85, while its high cruise speed is
Mach .89.
Measuring 6.25-feet high, 8.17-feet wide and 48-feet from front to back,
the XRS’ cabin provides ultimate space and comfort in any configuration,
with a maximum seat configuration of 17. The XRS is typically outfitted
with an aft stateroom, a separate main cabin and ample galley.
Passengers have access to an Ethernet-based Cabin Electronic System
with on-board LAN & wireless LAN.
Keeping in mind the importance and comfort of the flight crew, the Global
XRS is equipped with the Rockwell Collins Proline Fusion avionics suite
and includes Bombardier’s 3rd Generation Enhanced Vision System
(BEVS), a head-up flight display system and Synthetic Vision System.
After introducing the Global 5000, Bombardier then launched a
rebranded version of the Global Express XRS — the Global 6000.
Including the same and enhanced features as the XRS, the 6000
boasts the same Rolls-Royce engines, as well as advanced avionics
and cabin communications.
At a maximum operating speed of up to Mach 0.89, the Global 6000
supersedes the high-speed range capability and mission flexibility
delivered by other business jets in its class, with the ability to link for
instance, Moscow to Los Angeles non-stop.
Specifically designed to provide a highly productive working
environment, the 6000 offers more cabin volume and floor space
than any other business jet in its class. With one of the widest cabins,
measuring almost a foot (30cm) wider than the nearest competitor, the
6000 aircraft provides plenty of room. Maximum seat configuration
allows up to 19 passengers and two crew members. Passengers have
access to Wireless Access Virtually Everywhere (WAVE), leveraging
the latest satellite communication technology to provide in-flight, highspeed
internet access. Bombardier WAVE also comes as a retrofit option
for Global XRS as well.
Announced in 2010, the Global 7000 and Global 8000 are now under
development by Bombardier. The 7000 will deliver speeds of up to Mach
0.925 with a range of 7,400nm, while the 8000 can travel up to 7,900nm.
With plans for the Global 7000 to start deliveries finally in the 2nd half
of 2018 and the 8000 indefinitely delayed, after initial market entry
expectations for 2016 and 2017 respectively, Gulfstream’s comparable
G650 and G650ER, as well as the Falcon 8X, now have the market
covered where initially the new Bombardier models had hoped to reign.
Until the Globals arrive on the scene, the 6000 will continue production,
albeit at reduced production rates, with prices likely to drop even further
closer to the final unveiling of the new models. Whether Global 6000
production will continue past the arrival of the 7000 is unknown at this
time. This announcement would further depress short term sale prices
and subsequently impact long term residual values. The two model
serve different market segments though with different price points so
expectations are the 6000 will be around still for many years to come.
42 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

AIRCRAFT SPOTLIGHT
PRE-OWNED GLOBAL XRS & 6000 FOR SALE
REF YOD ASKING PRICE (USD) ASKING PRICE (USD) AFTT DAYS ON MARKET* PAX
1 6000 2016 $44,900,000 60 145 13
2 6000 2015 $48,900,000 100 104 13
3 6000 2014 $32,250,000 444 504 16
4 6000 2014 $42,000,000 325 186 14
5 6000 2013 Make Offer 911 39 16
6 6000 2013 $39,500,000 1199 144 16
7 6000 2013 $34,700,000 1900 310 13
8 6000 2013 $34,950,000 519 278 15
9 6000 2012 $31,900,000 2766 122 14
10 6000 2012 $33,750,000 1474 151 13
11 6000 2012 $28,500,000 1150 788 16
12 6000 2012 $31,500,000 1530 238 14
13 XRS 2011 $24,000,000 1685 290 15
14 XRS 2011 $24,950,000 2150 1064 15
15 XRS 2011 $22,000,000 2760 439 12
16 XRS 2011 Make Offer 1125 249 14
17 XRS 2010 $25,000,000 1695 517 13
18 XRS 2010 $22,000,000 4397 133 13
19 XRS 2010 $23,000,000 2479 298 14
20 XRS 2010 $20,950,000 2450 365 13
21 XRS 2010 Make Offer 1170 542 14
22 XRS 2009 $22,000,000 4343 69 13
23 XRS 2009 $22,000,000 1620 405 14
24 XRS 2009 $21,000,000 2350 256 13
25 XRS 2009 $24,000,000 1544 27 13
26 XRS 2008 Lease Only 3483 333 15
27 XRS 2008 $15,250,000 3850 319 13
28 XRS 2008 Make Offer 3525 447 14
29 XRS 2007 Lease Only 3860 195 14
30 XRS 2007 $19,800,000 2937 711 13
31 XRS 2007 $21,950,000 3658 712 14
PRE-OWNED GLOBAL XRS & 6000 PRICE VS AGE - TIME SCORE
50
2
45
1
ASKING PRICE
ESTMATED ASKING PRICE
40
4
6
Asking Price (M USD)
35
30
25
20
3
8
5
7
11
12
16
9
21
14
13
17
15
25
19
23
20
24
18
22
30
28
31
15
27
10
Age Time Score
(2x Year of Manufacturing + Airframe Time)
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 43

AIRCRAFT SPOTLIGHT
GLOBAL MARKET CONDITION BY REGION
Global XRS Global 6000
10
4
Currently
for Sale
Europe
67+33+G
47 94
141
Currently
In Operation
7
9
Sold Past
24 months
5
6
Currently
for Sale
North America
78
54+46+G
170
Currently
In Operation
92
10
16
Sold Past
24 months
42+58+G
50+50+G 53+47+G
Sub-Saharan Africa
2
4
Currently
In Operation
2
4
Currently
for Sale
Asia Pacific & Middle East
18
31
2 3 2
Currently
In Operation
13
Sold Past
24 months
GLOBAL XRS & GLOBAL 6000
BUYERS’ LOCATION DISTRIBUTION
Latin Amer. & Carib
15
31
Currently
In Operation
16
1
3
Sold Past
24 months
The worldwide Global XRS and 6000 fleet stands at 377, with 7.7% (29)
of those currently for sale. Five of these are pending contracts, which
comes after weak trading over the past four quarters. The relatively low
inventory number for sale in today’s market is on par with comparable
business jets, including the G650, which suggests owner satisfaction
and good utilization of 6000 and XRS models. Of those for sale, 10 of
these are based in the US, five in Russia and four in the UK.
The average asking price of the Global XRS, as of February 2017, was
22M USD, a decrease 2M USD from March 2016, which is typical when
considering the annual depreciation rate for the XRS is about 8-10%. An
Global XRS spends an average of 308 days on the market, down from
339 in March 2016.
The XRS has enjoyed almost a decade of sales, meaning the fleet is
starting to undergo 10-year inspections and gear overhauls. Prices may
now begin to depreciate faster therefore depending on how inspections
go. Typically, once these aircraft reach the 10-year mark, owners are
likely to sell for a newer aircraft. Most activity will likely be in the 16M-
20M USD range. For an XRS around 10 years old, 22M USD is the
expected asking price, with 20M USD being the expected final sale price.
Currently, the for-sale aircraft are showing an average year of manufacturer
(YOM) of 2009-2011. These current listings are younger, compared to the
recently sold aircraft. This indicates that the 10-year old fleet is more
popular, leaving the younger models on the market for a longer time and
consequently having to readjust prices to be competitive.
A similar pattern can be seen with the G550, with aircraft right around 10
years having seen recent transactions in the sub-20M market.
The average asking price for the Global 6000, as of February 2017, was
37M USD, a decrease of 5M USD from March 2016 when the average
price was 43M USD. A 6000 spends an average of 277 days on the
market, up from March 2016 when it spent an average of 216 days on
Latin Amer. & Carib 4 (8%) North America 26 (51%)
Asia Pacific & Middle East 5 (13%)
Western Europe 16 (31%)
51+31+10+8+G
PAST 24
MONTHS
the market. The lowest amount of time spent on the market since then
was 189 days, in November 2016.
Since its introduction in 2011, Bombardier annually upped production
6000 units. In 2015 though, with new competitors coming onto
the market, delivery numbers decreased. The 6000 will likely trade
more actively once seller expectations align better with updated
depreciation forecasts. Buyers are beginning to see value in the lowmid
30M USD inventory.
In the past 24 months, a combined 51 XRS’ and 6000s have been
purchased. Over half of those transactions are from buyers based in
North America, while only 10% are in Asia Pacific and the Middle East.
The last 12 months have seen a combined 23 XRS and 6000 models
sold, but with eight of those in the past three months. The G550 with a
worldwide fleet of 534 and 6.9% for sale, has seen 34 units sold in the
past 12 months, but with only four selling in the past three months. So
although Bombardier’s inventory for sale is slightly higher, the XRS and
6000 are selling quicker.
www.businessaircraft.bombardier.com
44 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

in more than 27 countries, and a fleet of more
than 135 aircraft on lease, coupled with a large
Copyright © 2015 Waypoint Leasing Services LLC. All rights reserved.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 45

DEVELOPING AN
UNKNOWN REGION
INTERVIEW WITH LYNTON VAN ASWEGEN,
ASIAN SKY GROUP, SALES DIRECTOR, AFRICA
Interview by Litalia Yoakum
Based in Johannesburg, South Africa, Lynton Van Aswegen
is the newest addition to Asian Sky Group (ASG), expanding
operations into the relatively unknown African business
aviation market. Lynton’s adoration for aviation and a bit of luck led
him into the industry, starting out with as a Gulfstream Representative
for a number of African countries. Over the course of his 15 years in
the industry, Lynton has come to see and understand the development
of business aviation in Africa, the challenges the continent faces and
its future potential.
Tell me about your background and how you ended
up with ASG?
On completing university in South Africa, I entered the corporate world
and followed what I thought was my dream, working in corporate
finance and private banking. Life though, often leads you to places that
the soul secretly yearns for. It’s a story that I tell often: Out of the blue,
I was offered a role at the well-known National Airways Corporation
(NAC), based in South Africa. I visited NAC Sales Director, Steve Hartley
on a Monday during 2003, and during that conversation, he told me
that NAC had just been appointed as the Gulfstream Representative
for several countries in Africa. He knew of my love for aviation, and
asked if I would like the opportunity to focus on Gulfstream sales for
NAC. The rest is history!
The aviation world is very connected, and through the interaction
with the EMEA Gulfstream Sales Team during my time at NAC, two
people – Colin Steven and Tarek Ragheb, both at Gulfstream at the
time, resulted in me being presented with opportunities that further
developed my love for aviation. Colin appointed me as the Sales
Director for Africa, for Embraer Business Jets at the very beginning of
the Business Jet division in 2006.
Over the past 15 years, I developed a friendship with Tarek Ragheb,
who through his role as VP Sales for Gulfstream, and being an African
himself, had firsthand knowledge of the challenges faced in selling
business aircraft in Africa. Africa is a large continent made up of 54
countries, with many specific challenges, particularly for business
aviation. Tarek is the Founder and Chairman of the African Business
Aviation Association (AfBAA), an organization set up to help overcome
46 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

INDUSTRY INSIDER
some of these challenges. I have been a member of AfBAA since its
inception, and through this organization I was introduced to ASG’s
Managing Director, Jeffrey Lowe, who eventually paved the way for me
to become a member of the growing ASG family.
What is the current outlook of business aviation in
Africa?
The economies in Africa are driven primarily through commodities
and are affected by commodity cycles. The collapse of the oil price
for instance has severely impacted the economies of those countries
dependent on oil. For business aviation, this is most evident in Nigeria
and Angola, two of the countries that have shown exponential growth
in recent years. OEMs had been very successful in Nigeria with the
sale of large long-range jets, which resulted in increased activity for all
elements of business aviation. However, the decrease in the oil price,
and a new President who is trying to tackle corruption and regulate the
aviation industry, these have brought the Nigerian aviation sector to a
halt.
OEMs have been very
successful in Nigeria
with the sale of large
long-range jets,
which has resulted
in increased activity
in all elements of
business aviation.
Political instability in many African countries,
the collapse of commodity prices, and the
lingering hangover from the financial crisis
of 2008-2009 have all resulted in depressed
business aviation activity. Compounding
this, demo tours to Africa have decreased,
leaving the local offices of the OEMs with
limited resources to help market their wares.
Typically, these tours stimulate interest not
only for a particular aircraft, but also in the
larger business aviation discussion. While
Africa is seen as a growth market of the
future, OEMs are forced to allocate resources
elsewhere. This has had a significant effect
on overall interest in the industry.
While the oil price remains depressed, there seems to be an increase
in the demand and price of other commodities, which points to an
improving scenario for global and developed economies. African GDP
growth often lags that of developed economies, and so hopefully in
the coming years, we will see this growth becoming evident in Africa.
Most African countries are intent on making their economies less
dependent on commodities and exposure to the commodity cycle, and
with the aim of increased industrialization, should follow with a more
predictable GDP growth in the future, which will translate into growth
in the business aviation sector.
How has the industry evolved in Africa over the
course of your work here?
An excellent example of this is the growth of business aviation in
Nigeria. In 2003, NAC delivered a brand new Beechcraft Premier 1
to a well-known Nigerian businessman, who is now also a founding
member of AfBAA. His is a wonderful story: On a commercial flight
from Nigeria to the US, he was reading a magazine and came across
an article for the Eclipse Light Jet, and the market of the very light jets.
This sparked his interest, but on investigating, he found out that the
Eclipse was several years away from certification, and he had decided
he wanted an aircraft immediately. Of the aircraft that were available,
he chose the Premier 1. When it was delivered to him in Nigeria, there
were only seven business jets based in Nigeria, and those seven were
all operated by the Government and related agencies. His was the first
privately owned jet in Nigeria. He quickly outgrew the Premier, and
upgraded to a Hawker 800XP. He now owns and operates six aircraft
in Nigeria, and owns a company that was one of the first to be formally
granted a fully regulated AOC. He has set up an AMO for one OEM
and is also now the Representative for another OEM. Since the arrival
of his Premier 1, the business jet fleet in Nigeria has grown to more
than 100, and it is not uncommon to arrive at Abuja’s airport to find the
ramp packed with more than 50 business jets.
This rapid growth was a catalyst for aviation-related businesses,
such as FBOs, MROs and charter operations. As is always the
case with rapid sales activity, other support activities lagged, and
this caused some frustration to owners and operators. In addition,
regulations for charter operations were non-existent, and then
once regulated, were not easily enforced, which allowed for a “grey
market” to develop. This had an adverse effect on the regulated
operators who had higher costs.
What are some of the other challenges the industry
faces in Africa?
When people talk of Africa, it is often referred to as one place – but
there are 54 countries, and all have different regulatory environments,
cultures, languages etc. That makes it a challenging continent to
operate in.
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 47

INDUSTRY INSIDER
Business aviation infrastructure is also severely lacking. It would
be difficult to sell a light jet in Kenya, for example, when the closest
service center may be in South Africa, which may be as many as
three stops away. This often results in a classic “Chicken & Egg”
scenario: A buyer may want a service center in country before making
a commitment to buy, and an OEM may need critical mass (or a single
sale) before considering this. It is not often that a first time buyer,
(which will be the scenario in order to see growth in the business
aviation market in Africa) will buy a $50 million long-range aircraft as
his first purchase. Most will likely start small and move up, but this will
require more service centers around the continent. Given the size and
scale of Africa, this is going to be a challenge that will take time and
considerable investment to solve.
With much of business
aviation still in its
infancy in many African
countries, it can be
challenging to find
qualified crew.
The ability to finance aircraft
that are based in Africa can also
be a challenge. Most financial
institutions insist on the aircraft
being managed by a reputable
management company, and
such companies are few and far
between. One possibility of solving
this is via a digital platform that
can track all matters related to the
aircraft, thus providing data that
can be relied upon by the financiers.
In addition, there is not enough
information about country risk such
as to reduce the perceived risk by
banks. This lack of information
is relatively easy to solve, but will
require collaboration.
With much of business aviation
still in its infancy in many African
48 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

INDUSTRY INSIDER
countries, it can be challenging to find qualified crew. This means that
expat pilots are often recruited, creating its own set of challenges. As
the demand for pilots increases in developed countries across the
world, many Africa-based pilots leave for more lucrative opportunities
abroad. Pilots have become commodities that are easily relocated,
and their salaries are linked to the USD, making pilots an expensive
resource in most African countries.
Regulatory challenges also abound – over-flight clearances can
take days to arrange, making the very reason for the convenience
of business aviation less attractive. AfBAA is now working with the
African Union to see how to streamline this process. But for now, it is
a source of much frustration.
What does the worldwide industry need to
understand about the growing African market?
As far as business aviation is concerned, Africa is a developing
market that is in its infancy. This is the biggest challenge, and yet also
the biggest opportunity. Africa’s sheer size is often overlooked and
certainly misunderstood. It takes about 10 hours to fly from North
to South, and at its widest point, the East to West flight is more than
eight hours. Although Africa is one continent, there are 54 different
countries, with different cultures, languages and regulatory authorities.
Africa is a developing
market that is in its
infancy. This is the
biggest challenge, and
yet also the biggest
opportunity. Africa’s
sheer size is often
overlooked and certainly
misunderstood.
While the GDP growth rates of several countries in Africa are among
the best performing economies in the world, this is off a low base.
Additionally, business aviation growth usually lags behind economic
growth by several years. Overall economic growth depends on
the movement of people. Business aviation can move company
executives around Africa far more efficiently than by utilizing airlines.
But despite this obvious case highlighting its benefits, most business
jets in Africa are owned by HNWIs, and many corporates still shy away
from airplane ownership due to what would be perceived as negative
publicity.
Transportation infrastructure in Africa is severely lacking. The most
efficient way to get anywhere in Africa is via air transport. However,
connections between some African cities are infrequent, and
sometimes the quickest way between two cities that are only an hour
or two apart by air, may involve flying via Europe at huge costs. But
then a number of African airlines are below par in safety and therefore
banned from flying into Europe.
Due to the lack of suitable aircraft in many countries, charter is very
expensive, as such requests often involve two dead-leg flights for the
pick-up and drop off. Many of these dead legs are several hours long.
Many times aircraft are sourced in Europe or the Middle East. Even in
relatively developed markets such as South Africa or Nigeria, fractional
ownership models are challenging, lacking critical mass.
With that said, I believe that business aviation presents good
opportunities in Africa. It’s a market that will develop slowly,
requiring investment in all related activities and services, and
such ancillary activities will present excellent opportunities also. It
will most likely require a collaborative approach, with like-minded
parties as partners, and help from organizations such as AfBAA
that is tacking regulatory challenges, in order to fast track a healthy
business aviation community.
What are you hoping to achieve with ASG in your
new role?
The challenges being experienced in Africa, are very similar to those
that were and are faced in Asia, and in China, in particular. When I
learned more about ASG, and the philosophy and patience with which
they approached the market in Asia, I knew that the same approach
would work in Africa. Results may not be immediate, but as the ASG
brand becomes more known and respected in Africa, as it has become
in Asia, I believe that success in Africa will follow and mirror that which
has been achieved in Asia.
During my first visit to ASG in Hong Kong, I was simply blown away by
the skills and dedication of the ASG team in that office, and I wanted
to be part of it. I am fully aware of the challenges of this market, but
with ASG we will seek to establish good working relationships with
all parties that share our vision for Africa. I may be the first employee
based in Africa, but I am planning on building a successful team in
Africa to replicate ASG's team in Asia.
www.asianskygroup.com
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 49

olls-royce.com
Nobody does it
ASIAN SKY MEDIA like CorporateCare ®
Bringing you the most comprehensive and sought-after
business jet engine maintenance program in the world,
with industry leading service and expertise provided by
the original manufacturer. Regardless of where you
travel, CorporateCare will be there to support you. To
help maximize your asset’s availability, value and
liquidity, Rolls-Royce is proud to offer CorporateCare.
To find out more contact Steve Friedrich, Vice President
– Sales and Marketing, at +1 (703) 834-1700, or email
corporate.care@rolls-royce.com.
Trusted to deliver excellence.
50 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

AIRCRAFT POSITIONING
BUSINESS JETS
Aircraft Estimated Total Yearly Cost vs Maximum Range
Mid - Size
Large
Long Range
Corp. Airliner
1 ACJ318
2 ACJ319
3 ACJ320
4 ACJ321
5 BBJ
6 BBJ2
7 BBJ3
8 CL850
9 CL870 CS
10 CL890 CS
11 Lineage 1000E
12 F7X
13 F8X
14 G550
15 G650
16 G650ER
17 Global 5000
18 Global 6000
19 Global Express
20 Global Express XRS
21 G-V
22 CL604
23 CL605
24 CL650
25 F2000
26 F2000DX
27 F2000EX
28 F2000LX
29 F2000LXS
30 F2000S
31 F900EX
32 F900EX EASy
33 F900LX
34 G300
35 G350
36 G450
37 G-IV
38 G-IVSP
39 Legacy 600
40 Legacy 650
41 Astra SP
42 Cit. Latitude
43 Cit. Sovereign
44 Cit. Sovereign+
45 Cit. X
46 Cit. X+
47 CL300
48 CL350
49 F50EX
50 G100
51 G150
52 G200
53 G280
54 H4000
55 H800
56 H800XP
57 H850XP
58 H900XP
59 L60XR
60 Legacy 450
61 Legacy 500
84
Light
Very Light
62 Beechjet 400
63 Cit. Bravo
64 Cit. CJ2
65 Cit. CJ2+
66 Cit. CJ3
67 Cit. CJ3+
68 Cit. CJ4
69 Cit. Encore
70 Cit. Encore+
71 Cit. Excel
72 Cit. Ultra
73 Cit. VII
74 Cit. XLS
75 Cit. XLS+
76 Diamond 1A
77 H400XP
78 L40XR
79 L45XR
80 L70
81 L75
82 Nextant 400XTi
83 Phenom 300
84 Cit. CJ1
85 Cit. CJ1+
86 Cit. M2
87 Cit. Mustang
88 Eclipse 550
89 HondaJet
90 Phenom 100E
91 Premier IA
85
91
64
90
89
62
77
66
74
71
10
81
75
80
70
78
69 65
82
76
63 86 72
9
60
41
42
58
61
45
25
57
73
68
59
56
79
83
55
67
50
8
51
43 54
40
29
24
39
35
30
48
46 53
23
28
47
26
44
49
52
1
38
34
37
27
22
4
3
36
11
33
32
31
17
7
6
2
5
15
18 14
13
12
20
19
21
16
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
4
3
2
TOTAL YEARLY COST (MILLION USD/YEAR)
87
88
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
6000
6500
7000
7500
8000
1
MAX RANGE (N.M.)
* Total Yearly Cost estimated using Conklin & de Decker 2016 industrial cost figures for aircraft acquisition cost
on 10 years, plus yearly operating cost, plus adjustments to account for regional differences and financing.
Source: Conklin & de Decker & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 51

AIRBUS
MARKET SUMMARY -- JETS
MARKET SUMMARY PER MODEL — BUSINESS JETS
AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE
ACJ318
$42.2
$33.5
$31.2
SPECS
Max Range
4,253 N.M. / 7,877 km (with ACTs)
Max Speed
Mach 0.82
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
19
4 (20.0%)
31.2M USD
1,227
6
Total Aircraft for Sale
5
4
SOLD
Past 12 Months
Past 3 Months
0
0
Feb May Aug Nov Feb
2016 2017
ACJ319
$64.8
$49.5
$52.7
$52.3
SPECS
Max Range
Max Speed
Typ. Passengers
6,000 N.M. /11,112 km
Mach 0.82
19
Total Aircraft for Sale
5 5
6
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
6 (8.0%)
52.3M USD
400
SOLD
Past 12 Months
Past 3 Months
1
1
Feb May Aug Nov Feb
2016 2017
Source: JETNET & ASG
52 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MARKET SUMMARY -- JETS
BBJ
$43.7
BOEING
$40.7
$39.3 $39.3
SPECS
Max Range
6,235 N.M. / 11,547 km (with 9 ACTs)
Max Speed
Mach 0.82
15
Total Aircraft for Sale
15
16
Typ. Passengers
19
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
16 (12.0%)
39.3M USD
437
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
4
0
FEATURED AIRCRAFT
2015 BBJ
SN61040
609 HOURS SINCE NEW
133 CYCLES SINCE NEW
• NEWEST BBJ ON THE MARKET WITH UNDER 400 HRS
• ONE OF THE LONGEST RANGE BBJS: 8 AUXILIARY FUEL
TANKS AND SPLIT SCIMITAR WINGLETS (6,000 N.M)
• ENROLLED ON BBJ COMPONENTS
EXCHANGE PROGRAM
• CABIN EQUIPMENT SABENA TECHNICS
WARRANTY PROGRAM
• MAINTENANCE CONTROL: CAMP MTX SYSTEM
• HUD WITH SVS
• 16 PASSENGER INTERIOR WITH VIP BEDROOM AND
LAVATORY
ASKING PRICE:
MAKE OFFER
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 53

MARKET SUMMARY -- JETS
BBJ2
BELL HELCIOPTERS
BOEING
$67.0
$62.0
$55.6
$62.0
3
SPECS
Max Range
Max Speed
Typ. Passengers
5,620 N.M. / 10,408 km (with 7 ACTs)
Mach 0.82
19
Total Aircraft for Sale
2 2
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
2 (9.1%)
62.0M USD
601
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
1
0
SIKORSKY
54 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- JETS
CHALLENGER 604/605
$13.7
CL605
$11.9
$11.6
SPECS
Max Range
Max Speed
Typ. Passengers
CL604
4,027 N.M. / 7,458 km
Mach 0.82
9
CL605
4,000 N.M. / 7,408 km
Mach 0.82
9
$6.6 CL604
$5.8
$5.5
BOMBARDIER
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
40 (11.0%)
5.5M USD
306
25 (8.7%)
11.6M USD
261
62
Total Aircraft for Sale
70
65
SOLD
Past 12 Months
Past 3 Months
13
0
23
3
Feb May Aug Nov Feb
2016 2017
CHALLENGER 850
$11.0
$8.9
$9.0
SPECS
Max Range
Max Speed
Typ. Passengers
2,811 N.M. / 5,206 km
Mach 0.80
14
15
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
6 (8.8%)
9.0M USD
817
Total Aircraft for Sale
7
6
SOLD
Past 12 Months
Past 3 Months
5
1
Feb May Aug Nov Feb
2016 2017
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 55

MARKET SUMMARY -- JETS
GLOBAL 5000
$19.5
$19.6
$19.9
BOMBARDIER
$15.3
SPECS
Max Range
5,200 N.M. / 9,630 km
Max Speed
Mach 0.89
23
Total Aircraft for Sale
21
18
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
13
18 (8.4%)
19.9M USD
299
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
13
2
FEATURED AIRCRAFT
2007 GLOBAL XRS
SN9250
3,643 HOURS SINCE NEW
932 CYCLES SINCE NEW
• BEST PRICED 2007 XRS ON THE MARKET
• AIRCRAFT ENROLLED ON BOMBARDIER SMART PARTS,
JSSI PLATINUM AND HONEYWELL MSP
• ENHANCED VISION SYSTEM AND HEAD UP FLIGHT
DISPLAY SYSTEM
• SATCOM 6100 WITH HST-2100 HIGH SPEED DATA AND
IRIDIUM TELEPHONE
• EASA OPS1 APPROVED
• 99,500 LBS MTOW SB INSTALLED
• 14 PAX INTERIOR WITH GLOBAL OFFICE PACKAGE,
AND WIRELESS LAN
• NEW CARPET AND DADO CHANGED IN 2013
ASKING PRICE:
16.7M USD
REDUCED PRICE
56 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG

MARKET SUMMARY -- JETS
GLOBAL 6000
$43.6
SPECS
Max Range
6,000 N.M. / 11,112 km
$37.4
$36.6
BOMBARDIER
Max Speed
Mach 0.88
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
13
12 (5.5%)
36.6M USD
277
8
Total Aircraft for Sale
13
12
SOLD
Past 12 Months
Past 3 Months
9
1
Feb May Aug Nov Feb
2016 2017
FEATURED AIRCRAFT
2011 GLOBAL XRS
SN9422
2,642 HOURS SINCE NEW
815 CYCLES SINCE NEW
• 12 PASSENGERS EXECUTIVE CONFIGURATION
• KU-BAND HIGH SPEED CONNECTIVITY, GLOBAL OFFICE
PACKAGE W/ WIFI, SAT-6100 AND ICS-100 IRIDIUM
• COMPLETED BATCH 3 AVIONICS UPGRADE , ADS-B OUT,
FANS 1/A+ AND EVS/HUD
• TWELVE (12) PASSENGERS INTERIOR WITH AVOD, ASXI,
THREE 21.3-INCH MONITORS AND SIX 10.4-INCH
MONITORS
• 60 MONTH (4C CHECK) COMPLETED DEC. 9, 2016
ASKING PRICE:
CALL FOR PRICING
REDUCED PRICE
Source: JETNET & ASG
sales@asianskygroup.com
+852 2235 9222
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 57

MARKET SUMMARY -- JETS
FALCON 7X
$30.2
$27.3
$25.5
SPECS
Max Range
5,950 N.M. / 11,018 km
Max Speed
Mach 0.90
DASSAULT
21
Total Aircraft for Sale
26
31
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
12
31 (11.6%)
25.5M USD
253
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
16
4
FEATURED AIRCRAFT
2008 FALCON 7X SN32
2010 FALCON 2000LX SN223
1,882 Hours, 12 Pax
24,700,000 USD
1,237 Hours, 12 Pax
Contact us: sales@asianskygroup.com +852 2235 9222
MAKE OFFER
Scan the code to subscribe to ASG’s newsletter
and stay updated on the latest aircraft for sale.
WeChat
Email Subscription
Source: JETNET & ASG
58 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MARKET SUMMARY -- JETS
FALCON 2000LX/LXS/S
$29.0
FALCON 2000LXS
$27.9
$18.9
FALCON 2000LX
$19.5
SPECS
Max Range
2000LX
2000LXS
2000S
4,000 N.M. / 4,000 N.M. /
3,350 N.M. /
7,408 km 7,408 km 6,208 km
$14.5
$15.0
Max Speed
Typ. Passengers
FOR SALE
2017 Q1
Mach 0.83
10
Mach 0.83
10
Mach 0.83
10
16 16
13
DASSAULT
No. for sale
Avg Asking Price
Avg Days on Market
16 (12.2%)
15.9M USD
282
0 (0.0%)
N/A
0
0 (0.0%)
N/A
0
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
8
2
0
0
0
0
Feb May Aug Nov Feb
2016 2017
FEATURED AIRCRAFT
2010 FALCON 900LX SN248 2007 FALCON 900EX SN181
REDUCED PRICE
1,675 Hours, 13 Pax MAKE OFFER 3,560 Hours,11 Pax
21,800,000 USD
2003 FALCON 900EX EASy II SN128
2000 FALCON 2000 SN105
4,440 Hours,14 Pax
MAKE OFFER
6,480 Hours,10 Pax
3,950,000 USD
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 59

MARKET SUMMARY -- JETS
FALCON 900DX/EX/EX EASy/LX
$30.8 $31.1
F900LX
$25.1
$25.6
$18.6
F900EX EASy
$16.4
$15.7
$13.8 F900DX
$13.0
DASSAULT
$10.4 F900EX
$8.7 $8.5
SPECS
Max Range
Max Speed
Typ. Passengers
F900DX
4,100 N.M. /
7,593 km
F900EX
4,500 N.M. /
8,334 km
F900EX EASy
4,500 N.M. /
8,334 km
F900LX
4,750 N.M. /
8,800 km
Mach 0.83
12
Mach 0.83
12
Mach 0.83
12
Mach 0.83
12
39
Total Aircraft for Sale
34
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
1 (4.2%)
Make Offer
478
14 (11.9%)
8.5M USD
343
12 (10.0%)
15.7M USD
712
9 (17.0%)
25.6M USD
313
34
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
1
0
8
0
5
0
4
0
FEATURED AIRCRAFT
2011 FALCON 900LX
SN258
2,295 HOURS SINCE NEW
617 CYCLES SINCE NEW
• ONE OWNER SINCE NEW
• AVAILABLE FOR VIEWING IN WILMINGTON, U.S.
• A/2A/A+/2A+/Z INSPECTIONS -
DECEMBER 2015 BY HAWKER PACIFIC
• CAMP MAINTENANCE TRACKING PROGRAM
• HONEYWELL MSP
• FALCONCARE PROGRAM COVERAGE
• HONEYWELL 2ND CERT EASY II AVIONICS
SUITE UPGRADE
• ADS-B OUT
• CPDLC
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG
60 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MARKET SUMMARY -- JETS
LEGACY 600/650
$20.6
Legacy 650
$18.1
$14.6
$9.0
Legacy 600
$8.4
$7.5
SPECS
Max Range
Max Speed
Typ. Passengers
Legacy 600
3,400 N.M. / 6,297 km
Mach 0.80
13
Legacy 650
3,640 N.M. / 7,112 km
Mach 0.80
13
35
Total Aircraft for Sale
49 49
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
35 (20.1%)
7.5M USD
407
14 (15.1%)
14.6M USD
272
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
10
1
6
2
EMBRAER
FEATURED AIRCRAFT
2008 LEGACY 600
SN14501069
586 HOURS SINCE NEW
373 CYCLES SINCE NEW
• ENGINE ENROLLED ON
ROLLS ROYCE CORPORATECARE
• AIRFRAME ENROLLED ON EMBRAER
STANDARD EEC (INCLUDING AVIONICS,
AIRFRAME, APU )
• COMPLETED 72-MONTH INSPECTION IN
NOV 2014 AND RVSM COMPLIANCE
• ADS-B OUT INSTALLED
• CAT II, RVSM CERTIFICATION
• DUAL FLIGHT MANAGEMENT SYSTEM
• DATALINK CAPABILITY
ASKING PRICE:
CALL FOR PRICING
sales@asianskygroup.com
+852 2235 9222
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 61

MARKET SUMMARY -- JETS
LINEAGE 1000/E
$35.6
$35.6
$33.0
$31.8
SPECS
Max Range
Lineage 1000
4,400 N.M. / 8,149 km
Lineage 1000E
4,600 N.M. / 8,520 km
Max Speed
Mach 0.82
Mach 0.82
Typ. Passengers
19
19
6
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
6 (20.7%)
35.6M USD
681
4
Total Aircraft for Sale
5
EMBRAER
SOLD
Past 12 Months
Past 3 Months
0
0
Feb May Aug Nov Feb
2016 2017
Source: JETNET & ASG
62 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MARKET SUMMARY -- JETS
G200 & G280
$20.4
G280
$16.3
$15.4
$5.9 G200
SPECS
Max Range
Max Speed
Typ. Passengers
G200
3,050 N.M. / 5,651km
Mach 0.81
8
G280
3,600 N.M. / 6,667 km
Mach 0.84
8
$4.9
46
$5.1
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
30 (12.2%)
5.1M USD
358
6 (6.1%)
15.4M USD
145
38
Total Aircraft for Sale
36
SOLD
Past 12 Months
Past 3 Months
41
10
3
0
Feb May Aug Nov Feb
2016 2017
FEATURED AIRCRAFT
2006 G200 SN154 2007 G200 SN156
GULFSTREAM
3,411 Hours, 10 Pax MAKE OFFER 2,229 Hours, 9 Pax
6,900,000 USD
2004 G200 SN102
2000 G200 SN009
214 Hours, 9 Pax
3,929 Hours, 9 Pax
5,500,000 USD
NEW ARRIVAL
5,992 Hours, 10 Pax
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 63

MARKET SUMMARY -- JETS
G450
$18.3
$16.7 $15.4
SPECS
Max Range
4,350 N.M. / 8,056 km
34
Max Speed
Mach 0.85
Total Aircraft for Sale
31
28
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
13
28 (8.2%)
15.4M USD
260
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
41
10
GULFSTREAM
FEATURED AIRCRAFT
2013 G280 SN2025
214 Hours, 9 Pax
2008 G450 SN4101
214 Hours, 9 Pax
MAKE OFFER
3,027 Hours, 14 Pax
MAKE OFFER
2005 G450 SN4024 2002 G-IVSP SN1494
4,516 Hours, 14 Pax MAKE OFFER 5,024 Hours, 13 Pax
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
64 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

MARKET SUMMARY -- JETS
G550
$29.9
$24.4
$21.7
SPECS
Max Range
6,750 N.M. / 12,501 km
43
Max Speed
Typ. Passengers
Mach 0.87
18
37
37
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
37 (6.9%)
21.7M USD
263
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
34
4
Feb May Aug Nov Feb
2016 2017
GULFSTREAM
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 65

MARKET SUMMARY -- JETS
G650 & G650 ER
$68.2
$69.0
$66.5
$63.6
$61.0
$60.1
$59.0
SPECS
Max Range
Max Speed
Typ. Passengers
G650
7,000 N.M. / 12,964 km
Mach 0.90
18
G650ER
7,500 N.M. / 13,890 km
Mach 0.90
18
16
Total Aircraft for Sale
17
12
15
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
11 (7.0%)
59.0M USD
279
4 (6.6%)
61.0M USD
259
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
12
1
5
0
GULFSTREAM
FEATURED AIRCRAFT
2014 G650
SN6109
423 HOURS SINCE NEW
139 CYCLES SINCE NEW
• U.S. BASED & REGISTERED SINCE NEW
• HONEYWELL SWIFTBROADBAND HIGH SPEED DATA
• HONEYWELL DBS SATELLITE TELEVISION
• ENHANCED NAV & SYNTHETIC VISION
• FANS 1/A, CPDLC/ADS-B OUT V2 / RNP
• AUTO BRAKE INSTALLED - ASC 055
• RUNWAY AWARENESS ADVISORY SYSTEM (RAAS)
• 15 PASSENGER, FORWARD GALLEY CUSTOM
CONFIGURATION
• TRANSFERABLE MANUFACTURER WARRANTIES
• ENROLLED ON GCMP
• 1A / 1C / 2C INSPECTION COMPLETE
ASKING PRICE:
MAKE OFFER
sales@asianskygroup.com
+852 2235 9222
66 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 67

AIRCRAFT POSITIONING
CIVIL HELICOPTERS
Aircraft Acquisition Price vs Maximum Range
Heavy
(Super) Medium
Light Twin
1 AS332 L1e
2 AW189
3 AC313*
4 H225
5 S-92
6 H175
7 Bell 412EPI
8 S-76D
9 AW139
10 H155
11 H145
12 S-76C++
13 AC312*
14 EC145
15 AW109 GN
16 H135 (P3)
17 Bell 430
18 Bell 429
19 MD 902
20 AW109 Power
21 AW169
22 H135 (T3)
Single Tubine
Piston
23 AW119 Kx
24 H130
25 Bell 407GXP
26 AC311*
27 H125
28 Bell 407
29 MD 600N
30 Bell 206L4
31 MD 520N
32 MD 530F
33 H120
34 MD 500E
35 S-333
36 EN480B
37 R66
38 R44 Raven II
39 R22 Beta II
7
12
1
9
8
2
10
3
5
6
4
8.00
4.00
13
31
32
21
19
17
22 16
24
28 25
27
30 26
18
29
11
14
15
20
23
2.00
1.00
AIRCRAFT ACQUISTION PRICE (MILLION USD)
34
33
35
36
37
0.50
38
39
200
250
300
350
400
450
500
550
600
650
700
750
0.25
MAX RANGE (N.M.)
* Aircraft Purchase Price estimated using ASG database for aircraft acquisition cost and Conklin & de Decker 2016 industrial figures for range.
68 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: Conklin & de Decker & ASG

MARKET SUMMARY -- HELICOPTER
MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS
AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE
EC135T2 & P2
$2.7 EC135P2
$2.7
$2.6
$2.4
11
EC135T2
Total Aircraft for Sale
$1.8 $1.8
15
16
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
EC135T2
332 N.M. / 614 km
127 Knots
6
3 (2.1%)
1.8M USD
880
EC135P2
332 N.M. / 614 km
127 Knots
6
13 (8.4%)
2.6M USD
605
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
4
1
5
2
FEATURED AIRCRAFT
2013 EC135 P2+ SN1107
2008 EC135 P2 SN660
AIRBUS HELICOPTERS
NEW ARRIVAL
1,450 Hours, 5 Pax, EMS/VIP
3,795,000 USD
NEW ARRIVAL
780 Hours, 5 Pax, VIP
2,895,000 USD
2002 H120 SN1300
NEW ARRIVAL
2,999 Hours, 4 Pax, VIP
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 69

MARKET SUMMARY -- HELICOPTER
FEATURED AIRCRAFT
2008 EC130B4 SN4601
HOURS: 1,698, CYCLES: 3,465 SINCE NEW
• UTILITY CONFIGURATION • ALWAYS HANGARED
• CARGO HOOK
• AIR CONDITIONING SYSTEM
• DUAL CONTROLS
• EMERGENCY FLOATATION GEAR - FIXED PARTS
• ALWAYS MAINTAINED BY AIRBUS HELICOPTERS
2005 EC135P2 SN0437
DELIVERY YEAR: 2006
HOURS: 875, CYCLES: 2,483 SINCE NEW
ASKING PRICE:
MAKE OFFER
• AIR CONDITIONING
• POP-OUT FLOATS
• ELT
• AUTO PILOT (SAS)
• VIP CONFIGURATION
• DUAL CONTROLS
• SP/DP IFR
• NO DAMAGE HISTORY
ASKING PRICE:
2,650,000 USD
2008 EC145 SN9226
HOURS: 2,483 SINCE NEW
AIRBUS HELICOPTERS
• UTILITY CONFIGURATION
• BLEED AIR HEATING
• 40-AMP/HOUR BATTERY
• LS & RS CLAMSHELL DOOR WINDOW
ASKING PRICE:
MAKE OFFER
2004 H155 SN6664 & 6669
TWO AIRCRAFT AVAILABLEFOR SALE
LESS THAN 6,000 HOURS SINCE NEW
• CONFIGURATION: UTILITY, 9 PAX / 12 PAX
• EMERGENCY FLOATATION GEAR (F.P.)
• AIR CONDITIONING SYSTEM
NEW ARRIVAL
ASKING PRICE:
Contact us: sales@asianskygroup.com +852 2235 9222
CALL FOR NEW PRICING
70 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTER
EC145
$4.9
$4.1
$4.5
$4.3
SPECS
Max Range
Max Speed
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
461 N.M. / 855 km
131 Knots
9
11 (1.5%)
4.3M USD
384
8
Total Aircraft for Sale
10
11
SOLD
Past 12 Months
Past 3 Months
8
3
Feb May Aug Nov Feb
2016 2017
AS332L1 & H225
$25.5 H225
$25.5 $25.5
AIRBUS HELICOPTERS
SPECS
Max Range
AS332L1
452 N.M. / 837 km
H225
452 N.M. / 837 km
$8.4 $8.5 $8.5
AS332L1
Max Speed
142 Knots
142 Knots
Typ. Passengers
19
19
17
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
4 (6.0%)
8.5M USD
657
7 (4.2%)
25.5M USD
332
12
Total Aircraft for Sale
11 11
SOLD
Past 12 Months
Past 3 Months
1
0
2
0
Feb May Aug Nov Feb
2016 2017
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 71

MARKET SUMMARY -- HELICOPTER
EC155B & H155
$5.6 H155
$5.9
$5.6
$4.7
EC155B
$3.3 $3.3
$2.5
21
22
SPECS
Max Range
Max Speed
Typ. Passengers
EC155B
516 N.M. / 955 km
135 Knots
13
H155
516 N.M. / 955 km
150 Knots
13
18
Total Aircraft for Sale
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
9 (30.0%)
3.3M USD
449
13 (9.1%)
4.7M USD
848
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
4
2
5
2
FEATURED AIRCRAFT
2008 EC155B1 SN6825
HOURS: 3,984 SINCE NEW
AIRBUS HELICOPTERS
• EMERGENCY FLOATS (FP+RP)
• 12 SEATS OFFSHORE CONFIGURATION
• 5 SEATS CORPORATE CONFIGURATION
• WEATHER RADAR
• AUTO PILOT
• SSCVFDR
ASKING PRICE:
MAKE OFFER
2015 H225 SN2968
FERRY FLIGHT HOURS/LANDINGS ONLY
• C-CLASS UTILITY OPERATIONS • 19 PASSENGERS
• EMERGENCY FLOTATION GEAR WITH • COCKPIT & CABIN AC
AUTOMATIC FIRING
• CARGO SLING W/ DYNAMOMETER
• MULTIPURPOSE ENGINE AIR INTAKES
(ANTI-SAND & ANTI-ICE FILTERS)
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
MAKE OFFER
72 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTER
BELL 429
$6.1
$5.5
$5.4
$5.4
10
12
SPECS
Max Range
368 N.M. / 681 km
4
Total Aircraft for Sale
Max Speed
Typ. Passengers
130 Knots
7
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
12 (4.3%)
5.4M USD
197
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
8
0
FEATURED AIRCRAFT
2011 412EP SN36588
DELIVERY YEAR: 2012
HOURS: 4,203 SINCE NEW
• OGP / UTILITY CONFIGURATION: 12 PAX
• IFR / VFR
• FLOATS
• DUAL CONTROLS
• 5,000 HOURS INSPECTION COMPLETED
• NEXT D CHECK - AUG 2019
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
MAKE OFFER
BELL HELICOPTER
Scan the code to subscribe to ASG’s newsletter
and stay updated on the latest aircraft for sale.
WeChat
Email Subscription
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 73

MARKET SUMMARY -- HELICOPTER
BELL 412EP/412HP
$5.1
BELL 412EP
$5.3
$5.6
BELL 412HP
$3.8 $3.8
SPECS
Max Range
Bell 412EP
356 N.M. / 659 km
Bell 412HP
349 N.M. / 646 km
$2.9
Max Speed
Typ. Passengers
140 Knots
9
133 Knots
14
21
20
22
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
20 (3.7%)
5.6M USD
415
2 (2.9%)
3.8M USD
686
Total Aircraft for Sale
SOLD
Past 12 Months
Past 3 Months
7
0
4
3
Feb May Aug Nov Feb
2016 2017
FEATURED AIRCRAFT
2005 412EP SN36396 2007 412EP SN36446
BELL HELICOPTER
8,689 Hours, 12 Pax, Utility / Offshore MAKE OFFER 8,493 Hours, 12 Pax, Utility / Offshore
MAKE OFFER
2009 412EP SN36533
NEW ARRIVAL
7,742 Hours, 12 Pax, Utility / Offshore
MAKE OFFER
Contact us: sales@asianskygroup.com +852 2235 9222
74 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTER
A109E POWER/A109SP GRANDNEW
$4.8
A109SP GRANDNEW
$4.7 $4.8
$2.2
A109E Power
$2.0 $2.1
64
66
61
SPECS
Max Range
Max Speed
Typ. Passengers
A109E Power
353 N.M. / 654 km
139 Knots
7
A109SP Grandnew
480 N.M. / 889 km
130 Knots
7
Total Aircraft for Sale
57
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
51 (13.7%)
2.1M USD
692
6 (4.1%)
4.8M USD
418
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
6
1
21
10
FEATURED AIRCRAFT
2006 A109E POWER SN11657
2011 A109E POWER SN11784
2,915 Hours, 6 Pax, EMS
1,595,000 USD
1,179 Hours, 6 Pax, EMS
2,950,000 USD
Contact us: sales@asianskygroup.com +852 2235 9222
Scan the code to subscribe to ASG’s newsletter
and stay updated on the latest aircraft for sale.
LEONARDO
WeChat
Email Subscription
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 75

MARKET SUMMARY -- HELICOPTER
AW139
$9.2
$8.3 $8.3
SPECS
Max Range
Max Speed
Typ. Passengers
568 N.M. / 1,052 km
140 Knots
15
17
Total Aircraft for Sale
21
23
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
23 (2.9%)
8.3M USD
587
SOLD
Past 12 Months
Past 3 Months
13
6
Feb May Aug Nov Feb
2016 2017
LEONARDO
76 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTER
S-92
$23.3
$23.3
$23.3
SPECS
Max Range
474 N.M. / 877 km
4
Total Aircraft for Sale
5 5
Max Speed
Typ. Passengers
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
155 Knots
19
5 (1.8%)
23.3M USD
431
Feb May Aug Nov Feb
2016 2017
SOLD
Past 12 Months
Past 3 Months
4
0
FEATURED AIRCRAFT
2005 S-76C+ SN760592
10,357 HOURS SINCE NEW
• OIL AND GAS PLATFORM COMPLIANT
• ENROLLED ON SBH & PAP
• 12 PAX INTERIOR
Contact us: 2001 sales@asianskygroup.com S-76C+ SN760521 +852 2235 9222
10,028 HOURS SINCE NEW
ASKING PRICE:
MAKE OFFER
• 12 PASSENGERS
• FREON AIR CONDITIONING
• UTILITY CONFIGURED
• EMERGENCY POP-OUT FLOATS & WINDOWS
Source: JETNET & ASG
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
MAKE OFFER
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 77
SIKORSKY

MARKET SUMMARY -- HELICOPTER
S-76C+ / S-76C++
$7.5
S-76C++
$6.9
$6.9
$6.9
S-76C+
$3.8
$4.1
$3.3
SPECS
Max Range
Max Speed
Typ. Passengers
S-76C+
335 N.M. / 620 km
155 Knots
12
S-76C++
335 N.M. / 620 km
155 Knots
12
$3.3
27
29
FOR SALE
2017 Q1
No. for sale
Avg Asking Price
Avg Days on Market
29 (20.0%)
3.3M USD
536
19 (8.9%)
6.9M USD
403
Total Aircraft for Sale
SOLD
20
Past 12 Months
Past 3 Months
5
0
3
0
Feb May Aug Nov Feb
2016 2017
FEATURED AIRCRAFT
2006 S-76C++ SN760614
6,621 HOURS SINCE NEW
• UTILITY / OGP CONFIGURATION
• HEALTH & USAGE MONITORING SYSTEM
• CVR + FDR
• POP-OUT FLOATS
• AUTO FLIGHT CONTROL SYSTEM
NEW ARRIVAL
ASKING PRICE:
CALL FOR PRICING
2009 S-76C++ SN760759
4,138 HOURS SINCE NEW
• UTILITY / OGP CONFIGURATION
• 12 PASSENGER SEATS
• HEALTH & USAGE MONITORING SYSTEM
• CVR + FDR
• POP-OUT FLOATS
SIKORSKY
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
CALL FOR PRICING
78 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
Source: JETNET & ASG

MARKET SUMMARY -- HELICOPTER
FEATURED AIRCRAFT
2005 S-76C++ SN760756
5,096 HOURS SINCE NEW
• UTILITY / OGP CONFIGURATION
• 12 PASSENGER SEATS
• HEALTH & USAGE MONITORING SYSTEM
• CVR + FDR
• ENROLLED ON PBH & SBH
ASKING PRICE:
MAKE OFFER
2009 S-76C+ SN760599
7,658 HOURS SINCE NEW
• TWELVE (12) PASSENGER INTERIOR
• WAAS UNS-1FW FLIGHT SYSTEM W/O LPV
• ENHANCED GROUND PROXIMITY WARNING SYSTEM
• ENGINE INLET BARRIER FILTER
Contact us: sales@asianskygroup.com +852 2235 9222
ASKING PRICE:
MAKE OFFER
Source: JETNET & ASG
FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 79
SIKORSKY

OTHER FEATURED AIRCRAFT
For inquiries, please contact sales@asianskygroup.com
2002 HAWKER SN258579
• MANUFACTURED YEAR: 2002
• SERIAL NUMBER: 258579
• TOTAL HOURS: 1,023 SINCE NEW
• 8 PASSENGERS CONFIGURATION
• ADS-B SYSTEM
• COLLINS PRO LINE 21 AVIONIC SYSTEM
MAKE OFFER
MODEL
YEAR
HOURS
PAX
ASKING (USD)
Beechcraft - Hawker 4000
2011
N/A
8
For Lease
Beechcraft - King Air B200
1994
6,507
8
Make Offer
Beechcraft - King Air B200
2005
3,572
7
Make Offer
Beechcraft - King Air C90B
1996
2,364
8
Make Offer
Bombardier - Global Express
2000
5,612
12
Make Offer
Bombardier - Challenger 604
1998
6,863
14
Make Offer
Bombardier - Challenger 300
2010
834
8
Make Offer
Bombardier - Learjet 45XR
2009
2,841
8
4 995 000
Bombardier - Learjet 60
1995
8,190
8
1,295,000
Bombardier - Learjet 60
2004
2,084
7
Make Offer
FIXED WING
Bombardier - Learjet 60
Cessna - Citation CJ2
Cessna - Citation CJ2+
Cessna - Citation Encore
Dassault Falcon - 900EX
1995
2004
2010
2002
1999
8,589
3,641
958
5,274
4,263
7
6
7
7
12
1,595,000
Make Offer
3,950,000
2,995,000
4,950,000
Dassault Falcon - 900B
1991
7,884
13
Make Offer
Embraer - Phenom 100
2013
1,354
4
Make Offer
Gulfstream - G200
2005
7,836
9
Make Offer
Gulfstream - G400
2002
4,618
13
6,950,000
Gulfstream - GIV-SP
1998
4,547
15
6,496,000
Gulfstream - G-IVSP
1999
7,082
13
Make Offer
Gulfstream - G-IVSP
2001
5,158
16
Make Offer
Gulfstream - G-IVSP
1994
6,457
13
Make Offer
Gulfstream - G-V
1997
8,300
14
Make Offer
MODEL
YEAR
HOURS
CONFIG/PAX
ASKING (USD)
Leonardo - A119
2004+
4000 +
Utility:
6
1,280,000
Leonardo - AW139
2010+
6000 +
Utility:
12
10,500,000
Airbus Helicopters - AS350B2
1997+
2800 +
Utility:
5
968,000
ROTARY
Airbus Helicopters - AS355N
Airbus Helicopters - EC135 P2+
Airbus Helicopters - EC135T1
1995
2006
1998
1881
2450 +
3352
Utility:
Utility:
EMS:
5
5-7
5
Make Offer
2,700,000
1,100,000
Airbus Helicopters - EC145
2006+
3225
VIP:
8
1,950,000
Airbus Helicopters - EC155 B1
2012
425
VIP:
6
Make Offer
Sikorsky - S-76C+
2005
2600 +
Utility:
12
Make Offer
Note: “*“ means multiple aircraft available. The earliest manufacturing year is shown.
Price Reduced
New Arrival
Scan the code to subscribe to ASG’s newsletter
and stay updated on the latest aircraft for sale.
WeChat
Email Subscription
80 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017

FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 81