Asian Sky Quarterly 2021 Q3

THIRD QUARTER 2021
FEATURES
SINO JET
SUSTAINABLE AVIATION FUEL
METROJET
ASGVEC RECAP
IADA
INTERVIEW
CHARLES FABRIKANT
FORMER CHAIRMAN AND CEO
SEACOR HOLDINGS
AIRCRAFT SPOTLIGHT
DASSAULT FALCON 6X
PRE-OWNED MARKET
CITATION SOVEREIGN SERIES
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | I

II | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

CONTENTS
PUBLISHER
EDITORIAL & MARKET RESEARCH
Alud Davies
Bowen Zhang
Coco Yang
Tiffany Tong
DESIGN
Lottie Yu
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.
04 COMMENTARY
GLOBAL JET CAPTIAL
GLOBAL BUSINESS AVIATION MARKET
UPDATE
10 MARKET UPDATE
AMSTAT
GLOBAL PRE-OWNED MARKET UPDATE
26 SPECIAL FEATURE
WINGX ADVANCE | ASIA-PACIFIC
BUSINESS JET FLIGHT ACTIVITY
48
14 ASIA-PACIFIC MACRO
ECONOMICS
Overview of Asia-Pacific’s current status, as
well as country specific data that measures
GDP growth regarding business jets and
helicopter fleets.
20 ASIA-PACIFIC MOOD &
INTENTIONS
Results of our survey regarding the Asia-
Pacific region’s outlook on the COVID-
19 Pandemic, economic status, aircraft
utilization purchase intentions, and
influencing factors.
34 FEATURE
SINO JET
Sino Jet talks us through the difficulties and
challenges in taking delivery of a new aircraft
during the COVID-19 pandemic.
EXCLUSIVE
ASGVEC: A GREAT SUCCESS!
Despite some early difficulties, the Asian
Sky Group Virtual Exhibition and Conference
(ASGVEC) was a great success. We take a look
back at what made the event so special.
42 SPECIAL FEATURE
SUSTAINABLE AVIATION FUEL
We take a deep look into sustainable aviation
fuel, and ask Asia’s biggest operators when
they will start using it.
46 FEATURE
METROJET
Metrojet Engineering Clark recently inaugurated
a new hangar and facility in the
Philippines - we have all the details and pictures
of the new facility.
50 FEATURE
IADA
IADA celebrates its anniversary and talks us
through some of its highlights over the past
30 years.
54 AIRCRAFT SPOTLIGHT
DASSAULT FALCON 6X
We put the spotlight on the Dassault Falcon
6X - one of the most exciting new aircraft
launches in the past few years.
56 PRE-OWNED MARKET
CITATION SOVEREIGN/SOVEREIGN+
62 MARKET DYNAMICS
An analysis of APAC inventory levels, market
trends and the changing price signals for the
business jet and helicopter fleets.
70 MARKET SUMMARY
BUSINESS JETS
ADVERTISING/AIRCRAFT SALES
ENQUIRIES:
sales@asianskygroup.com
(852) 9199 7751
sales@asianskygroup.com
www.asianskygroup.com
www.asianskymedia.com
38
INTERVIEW
CHARLES FABRIKANT
Former Chairman and CEO,
SEACOR Holdings
88 MARKET SUMMARY
HELICOPTERS
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 1

EDITOR’S NOTE
How do you measure the success of a
new business event? One way to do it
could be to count the attendees and
how engaged they were. Or, before the
event ends you could hand out surveys
asking people for their opinions. Whilst
both ways have their merits, the only real
way you can measure how successful a
business event was, is to see how much
business was actually done there.
It would be fair to say that the very first Asian Sky Group Virtual
Exhibition & Conference (ASGVEC) got off to a pretty rocky start.
Within the first few minutes of the event starting, almost 1,000 people
tried to simultaneously login to the system. This unfortunately caused
the servers to crash, and people were unable to login. That night, we
worked alongside our partners to fix the issues and roll out a new
version of the platform, and by the start of Day 2, almost all of the
issues were ironed out.
One of the questions asked about business opportunities during
the event. After cleansing the data, we found out that five different
companies said that they would conclude a deal because of the event.
On top of that, one OEM said it was in active discussions with two
sales prospects they met during ASGVEC, with one being particularly
impressed with how the OEM was embracing new technology by being
an exhibitor at the event.
For any event, let alone the first time an event has been run, that is an
impressive number of deals. You can read more about the event by
checking out our special feature on page 44.
The big feature this issue is an interview with Charles Fabrikant. Often
spoken about in the same breath as Warren Buffett, Charles is perhaps
most known in the shipping industry with his SEACOR company. He
has however served on the board of some of the biggest helicopter
operators around the world and is part owner of Asian Sky Group and
Asian Sky Media.
That does not mean that Day 1 was a failure. Walking virtually through
the exhibition halls late in the evening very much resembled the end
of day scenes at an ABACE, EBACE or NBAA, with booth parties, and
people hanging out talking to each other. And that’s exactly what the
main purpose of ASGVEC was – to connect people virtually in a way
that felt natural and comfortable.
Days 2 and 3 were much smoother, barring some unfortunate
sound issues. The conference session that closed the event was
appropriately enough about using technology, including 3D virtual
technology, in business aviation.
But, back to that question at the beginning: How successful was the
event? Well, shortly after the event finished, we sent out a survey
to all attendees, asking for feedback. The survey itself was fairly
straight forward and asked a series of questions about any issues the
attendees had, and other questions about what times the event was
held etc (If you attended the event then you will have been emailed the
results from the survey).
Elsewhere in this issue Asia’s biggest operator Sino Jet talks us
through the difficulties and challenges that it, and other operators, face
whilst taking delivery of a new airplane during the COVID-19 pandemic,
and Metrojet Engineering Clark gives us all the details and pictures of
its newly inaugurated maintenance hangar and associated facilities in
the Philippines. IADA, the International Aircraft Dealers Association,
celebrates its 30th anniversary this year, and talks us thorough its
journey from formation through to today, whilst our aircraft spotlight
focused on the upcoming Dassault Falcon 6X.
Rounding off this edition is all of the usual hard data and intel that you
have come to rely on us for. We would like to thank everybody that has
contributed, but especially AMSTAT , Global Jet Capital and WingX.
Sincerely,
Alud Davies
Media & Communications Director
Asian Sky Group | Asian Sky Media
SPECIAL THANKS TO OUR CONTRIBUTORS:
2 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

SINO JET
World’s Leading Private Jet Company
Staying true to our responsibility as a market leader,
Sino Jet has launched SKY BUTLER ELITE TRAINING PROGRAM
to promote the development of business aviation
SKY BUTLER ELITE TRAINING PROGRAM
5P will be gained by the training courses
• Profound knowledge and industry insight
• Premium service skills
• Paths for occupational development
• Professional resources in the field of business jet
• Positive effect in life and career
To Begin and Follow Your Flying Dream with Sino Jet
Open to all aviation professionals and high-end
service practitioners
To learn more, please email academy@sinojet.org.cn
Or add wechat QR code
Sincere / We actively engage guests
and partners with a sincere smile, and always
strive to clearly address all concerns.
Involved / We understand the market
very well and take accountability for the
business jet industry.
Niche / We will walk the extra mile and
provide tailored services to all guests and
industry partners.
Outstanding / Through the highest
safety standards and excellence in service
quality, we have become the industry
benchmark for excellence and the fastest
growing organization.
Jovial / We are a committed, dynamic
and enthusiastic team.
Engaged / We listen to your needs
and always endeavor to build.
Trustworthy / Striving our best to
be a company that clients, employees and
partners trust.
www.sinojet.org | (86-10) 8416 2588 – Beijing | (852) 2588 7000 – Hong Kong
BEIJING | HONG KONG | SHANGHAI | HANGZHOU | SHENZHEN | GUANGZHOU | CHENGDU | XIAMEN | ZHUHAI | SINGAPORE
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 3

GLOBAL BUSINESS
AVIATION
MARKET UPDATE
Includes Data through July 2021
By Global Jet Capital
The business aviation market demonstrated
remarkable resilience in 2020 and continued
to build on that strength in the first 7 months
of 2021. Through July YTD, flight operations and preowned
transactions were up, demonstrating continued
demand for the capabilities that business jets provide.
As the global economy grows, renewed business activity
will continue to drive transactions in the business
aviation market.
• Lifting travel restrictions and liquidity built up during the
pandemic led to economic growth in Q2 2021.
• Driven by the entry of new users into the market, business jet
flights grew through July 2021. While comparisons to 2020 can
be misleading due to lockdowns during that time, flight activity
increased nearly 1 percent when compared to 2019.
• Backlogs rose at major OEMs, driven by new users to the
business jet market, low pre-owned inventory, and strong demand
from fleet operators.
• Overall transaction activity continues to recover from 2020
levels, driven largely by the pre-owned market.
• Inventory levels continued to decline through July 2021 and
remained at historically low levels.
• Limited supply and continued robust demand have given business
jet sellers additional bargaining power, resulting in bluebook values
firming up and even appreciating in some instances.
4 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

COMMENTARY: GLOBAL JET CAPITAL
GLOBAL ECONOMY
Global GDP YoY Percent Change
15%
10%
5%
0%
- 5%
- 10%
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
(Forecast) (Forecast) (Forecast) (Forecast)
i
The global economy has experienced strong growth in Q2 2021. As
governments lifted restrictions that had been implemented to control
COVID-19, economic growth returned, especially in the U.S., China,
and Europe. Liquidity built up during lockdowns is also driving growth.
Oxford Economics expects GDP growth to continue at a steady pace
throughout the rest of 2021 and into 2022. Economists note there
is a risk of the economy overheating as demand from consumers
and governments potentially outstrips supply. ii However, an analysis
by Managing Director and Head of Global Research for The Carlyle
Group, Jason Thomas, indicates that there are signs that increasing
industrial production is closing the gap between supply and demand
in the broader economy. iii As new variants emerge, COVID-19 is also
a threat to economic growth. However, the global vaccine campaign
continues to make progress with over 3.5 billion vaccinations
administered globally by mid-July 2021. iv Overall, the economic
picture was bright in the first half of 2021.
FLIGHT OPERATIONS
Global Business Jet Flights July YTD
U.S.
Rest of World
1.79M 1.80M
31.6% 28.3% 13.3%
1.21M
85.5%
83.6% 29.7%
86.7%
68.4% 71.7%
70.3%
2019 2020 Q4 2021
v
As travel restrictions were loosened across jurisdictions, business
jet flight operations have recovered, increasing 49 percent through
July 2021 compared to the same time a year ago. Growth figures
benefited substantially from comparison to weak 2020 data.
However, even when compared to the same period in 2019, global
flight operations increased 0.8 percent.
Throughout the pandemic, business aviation benefitted from the entry
of new customers into the market as people sought to avoid crowded
commercial flights and terminals. One study found that flying privately
can reduce almost 700 “person-to-person” touchpoints compared
to a commercial flight. vi While many of these new customers have
utilized charter and fractional aircraft, some have purchased their
own aircraft (more details on aircraft transactions are below).
As the pandemic recedes, the industry looks poised to maintain its
position of strength. In a recent survey of business jet users, 97
percent of all respondents indicated that they would use business
aviation as much as, or more than, they did prior to COVID-19. Of the
respondents that started using business aviation during COVID-19,
100 percent said they would use business aviation at least some of
the time after the pandemic was over, with 53 percent saying they
would use it regularly. vii The business aviation market will further
benefit as large corporate business travel resumes and new users
continue to leverage the charter and fractional market, in turn driving
continued growth in business jet flight operations.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 5

COMMENTARY: GLOBAL JET CAPITAL
OEM BACKLOGS
Q2 Backlog at Major Business Jet OEMs
Bombardier Gulfstream Dassault Cessna
Embraer
USD Millions
$32,531
$29,541
$30,997
viii
Q2 2019 Q2 2020 Q2 2021
At the end of Q2 2021, industry backlog was $31 billion, about 4.9
percent higher than a year earlier. Following some decline in backlog
during lockdowns in 2020, orders increased in early 2021 and continued
through the middle of the year. The rising backlogs are increasing the
lead time for new aircraft, improving flexibility and manufacturing
efficiency for many OEMs. Orders for new aircraft are being driven
by new users to the business jet market, habitual pre-owned buyers
ordering new aircraft due to low pre-owned inventory, and fleet operators
who are experiencing demand for their services.
PERCENTAGE OF BUSINESS JET FLEET FOR SALE JULY YTD
0-12 Years 13+ Years
Total
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
2019 2020
2021
xi
Increasing pre-owned transactions and fewer aircraft listings led to
declining business jet inventory through July 2021. Inventory at the
end of July 2021 stood at 5.7 percent of the total fleet, lower than at
any time during the last two years and near all-time lows. Furthermore,
inventory of aircraft younger than 13 years old (typically seen as more
desirable) was only 3.6 percent of the global fleet.
6 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

COMMENTARY: GLOBAL JET CAPITAL
FOR SALE INVENTORY
1,457
Aircraft Listed for Sale July YTD
1,179
2020 2021
Declines in the number of aircraft listed for sale started in 2020 as owners
held onto their business jets during COVID-19. That trend continued in
2021, with listings 19.1 percent lower July YTD than during the same
period in 2020. In 2020, the average number of aircraft listed for sale per
week was 45 and that declined to 40.5 in 2021. Anecdotally, many prex
owned aircraft are being sold prior to being listed, similar to what can be
seen in strong real estate markets. Listings may remain low until new
deliveries begin to pick up, driving owners to list current aircraft once they
take delivery of new aircraft.
TRANSACTIONS ($ VOLUME)
Business Jet Transactions July YTD
New
Pre-Owned
$14.1B
(1,585 Units)
$13.8B
(1,775 Units)
$6.3B
(1,226 Units)
-17.9%
-17.2%
$11.6B
(1,392 Units)
$5.2B
(1,123 Units)
18.8%
32.8%
$6.9B
(1,498 Units)
$7.8B
-18.5%
(359 Units) $6.4B
(269 Units)
7.4%
$6.8B
(277 Units)
2019 2020 2021
ix
New and pre-owned transaction dollar volume increased 18.8 percent
through July 2021 compared to the same period in 2020. Both new
and pre-owned transactions are up compared to 2020. However, preowned
transactions have been particularly strong in 2021 and have
been 9.5 percent higher than during the same time in 2019.
Pre-owned transactions increased despite low inventory – which can
reduce selection for buyers – demonstrating both strong demand and
buyers’ resourcefulness in finding aircraft when relatively few options
exist on the market.
In response to the early stages of the pandemic a year ago, many
manufacturers reduced production as a result of supply chain issues
and anticipated reductions in demand. These production cuts, faced
with unexpectedly robust demand through H1 2021, seem to be
coming to an end. As orders have recovered and demand continues to
be strong, many manufacturers anticipate an increase of production
levels through the remainder of 2021 and into 2022.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 7

COMMENTARY: GLOBAL JET CAPITAL
RESIDUAL VALUE
YoY % Change in Values July YTD
1.3%
0.9%
2.3%
1.5%
0.0%
0.4%
-6.4%
-4.1%
-4.1%
-9.3%
2012 2013 2014 2015 2016 2017 2018 2019 2020
The above chart compares the year-over-year percentage change in
the bluebook value of like-aged aircraft over time (e.g., the difference
between value of an eight-year-old aircraft from one year to the
next). Global Jet Capital analyzes a basket of aircraft as a proxy for
the overall market. Observed increases or decreases in value are not
necessarily applicable to any specific aircraft make/model. For the
value of a specific aircraft, please contact a licensed aircraft appraiser.
Business jet bluebook values have been firming up since lockdowns
and other COVID measures began easing up. Bluebook values have
even appreciated in some instances, with overall values climbing
0.4 percent compared to a year ago. Business aircraft values have
performed better than they did during the 2008 financial crisis or the
2016 decline in commodity values.
2021
xii
On a model-by-model basis, values varied, with some aircraft
outperforming others in the market. Though the world remains in a fluid
situation, users of business jets are enjoying the benefits of an asset
that provides unmatched travel flexibility. As a result, owners held onto
their aircraft while new buyers entered the market, which gave buyers
less negotiating power when signing deals. Disciplined production
rates by major OEMs have added to the sellers’ market. While prices
can fluctuate model by model and deal by deal, reports have emerged
of buyers offering high premiums to get quality aircraft. Whether the
current situation remains depends on both strong demand and low
supply continuing.
CONCLUSION
The business jet industry demonstrated production discipline, maturity, and stability throughout 2020 as
COVID-19 disrupted markets around the world. Through July 2021, the industry built on that resilience and
has continued to grow. Led by the entrance of new users, business jet flights have increased compared to
low levels in 2020, as well as levels seen in 2019. Orders for new aircraft as well as pre-owned transactions
have remained strong. As a result of strong transactions, inventories have continued to decline, reaching
record lows each new quarter. Low inventory and continued demand firmed up aircraft prices and overall
values have climbed 0.4 percent compared to a year ago.
Despite continued outbreaks of COVID-19 around the world, the business jet market remains wellpositioned
to weather the storm and continue to grow.
Notes:
i Oxford Economics
ii Oxford Economics
iii The Carlyle Group
iv Hannah Ritchie, Esteban Ortiz-Ospina, Diana Beltekian, Edouard Mathieu, Joe Hasell, Bobbie
Macdonald, Charlie Giattino, Cameron Appel, Lucas Rodés-Guirao and Max Roser (2020) - “Coronavirus
Pandemic (COVID-19)”. Published online at OurWorldInData.org. Retrieved from: https://
ourworldindata.org/coronavirus [Online Resource]
v WingX
vi The Weekly of Business Aviation | Aviation Week Network
vii Private Jet Card Comparisons
viii Company financial reports
ix JetNet and Global Jet Capital analysis. Units are in parentheses
x Amstat and Global Jet Capital Analysis
xi JetNet and Global Jet Capital Analysis
xii Aircraft Bluebook and Global Jet Capital analysis
8 | ASIAN SKY QUARTERLY — THIRD SECOND QUARTER 2021 2021

\
BUSINESS AVIATION SIMPLIFIED.
THE KEY TO SIMPLIFYING YOUR NEXT
TRANSACTION IS OUR EXPERIENCE.
The goal of every business aviation transaction is the same—to get
people from point A to point B as quickly and efficiently as possible.
On the other hand, the needs of each business aviation client are unique. Which is why
we focus on creating customized financial solutions designed to meet your unique
requirements. From freeing up cash to meeting aggressive deadlines, our goal is simple:
to provide the most straightforward process in the industry and make aircraft financing
simpler. It’s what happens when you’re only focused on one thing.
844.436.8200 \ info@globaljetcapital.com \ globaljetcapital.com
LEASING & LENDING SOLUTIONS
HONG KONG \ NEW YORK \ ZURICH
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 9

MARKET UPDATE
GLOBAL PRE-OWNED MARKET UPDATE
“As a percentage of active fleet, business jet and turboprop preowned inventories are at another alltime
low (4.9%) and preowned transaction activity remains robust creating upward pressure on values.
Buyers continue to have to act fast to purchase the preowned aircraft they want and are increasingly
considering alternative makes and models or even expanding what were perhaps previously acceptable
limits on aircraft specifications such as age and total time.”
Andrew Young, AMSTAT General Manager
BUSINESS JETS & TURBOPROPS FOR SALE / LEASE
2,500
Jets
Turboprop
2,000
1,500
1,000
Business Jet and Turboprop
resale transactions remain
robust, and inventory
continues to contract.
500
0
Oct
2020
Nov
Dec
Jan
2021
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
BUSINESS JETS - RESALE RETAIL TRANSACTIONS *
2019 2020 2021
600
500
400
300
200
100
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep*
Oct
Nov
Dec
BUSINESS TURBOPROPS - RESALE RETAIL TRANSACTIONS *
250
2019 2020 2021
200
150
100
50
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep*
Oct
Nov
Dec
10 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021
*September 2021 transaction data is incomplete

MARKET UPDATE
HEAVY JET SHORT TERM MEDIAN VALUE (January 2020 – September 2021 % Value Change)
Increase
Decrease
Total
10%
5%
0%
-5%
-10%
-15%
-20%
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Mar1
Feb15
Feb1
Jan15
Jan1
Dec15
Dec1
Nov15
Nov1
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Feb15
Feb1
Jan1
The short-term median value of Heavy Jets has continued to rise,
with this metric up 19% over the past 12 months. Over this period, the
short-term median value metric for this segment recovered everything
lost during the first half of 2020 and is now 8% above pre-Covid levels.
This trend has been driven by continued robust transaction activity,
which was up 49% in the first 8 months* of 2021 compared to the
same period in 2020 and up 31% over the same period in 2019. The
Heavy Jet inventory continues to deplete, down 41% year-over-year.
SUPER-MID JET SHORT TERM MEDIAN VALUE (January 2020 – September 2021 % Value Change)
Increase
Decrease
Total
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Mar1
Feb15
Feb1
Jan15
Jan1
Dec15
Dec1
Nov15
Nov1
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Feb15
Feb1
Jan1
The short-term median value of Super-Mid Jets has risen 25% over
the past 12 months, recovering everything lost in early 2020 and now
6% above the short-term median value metric in January 2020. Like
the Heavy Jet market, this upward trend in values has been driven
by strength in resale transactions and a continued contraction in Su-
per-Mid availability. Inventory in this segment is down 38% year-overyear.
Resale retail transactions in the first 8 months* of 2021 are up
35% over the same period in 2020 and up 57% versus the same period
in 2019.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 11

MARKET UPDATE
MEDIUM JET SHORT TERM MEDIAN VALUE (January 2020 – September 2021 % Value Change)
10%
Increase Decrease Total
5%
0%
-5%
-10%
-15%
- 20%
-25%
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Mar1
Feb15
Feb1
Jan15
Jan1
Dec15
Dec1
Nov15
Nov1
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Feb15
Feb1
Jan1
The short-term median value of Medium Jets has risen 26% over the
past 12 months and after plateauing over the summer is now 5%
ahead of its start of 2020 levels. The positive direction of values is
in large part due to continued strong resale retail transaction activity
with the first 8 months* of 2021 exceeding the same period in 2020
by 71% and the same period in 2019 by 68%. Values have also been
driven up by a contraction of supply, which is down 49% year-overyear
in this market segment.
LIGHT JET SHORT TERM MEDIAN VALUE (January 2020 – September 2021 % Value Change)
0%
Increase Decrease Total
-5%
-10%
-15%
-20%
-25%
-30%
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Mar1
Feb15
Feb1
Jan15
Jan1
Dec15
Dec1
Nov15
Nov1
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Feb15
Feb1
Jan1
The short-term median value of Light jets has increased 20% over the
past 12 months, but remains 5% below its January 2020 mark. As with
other markets, this upward trend has been driven by increased resale
transaction activity, up 67% during the first 8 months* of 2021 versus the
same period in 2020 and up 64% versus the same period in 2019. The
inventory in this segment has fallen 46% year-over-year. We believe that
values in this segment have not recovered to early 2020 levels because
it simply takes more to move the needle for Light Jets than larger jets.
There are more of these aircraft and greater diversity. We will need to
continue to see robust transaction activity to drive values higher.
12 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET UPDATE
TURBOPROP SHORT TERM MEDIAN VALUE (January 2020 – September 2021 % Value Change)
10%
Increase Decrease Total
5%
0%
- 5%
- 10%
- 15%
- 20%
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Mar1
Feb15
Feb1
Jan15
Jan1
Dec15
Dec1
Nov15
Nov1
Oct15
Oct1
Sep15
Sep1
Aug15
Aug1
Jul15
Jul1
Jun15
Jun1
May15
May1
Apr15
Apr1
Mar15
Feb15
Feb1
Jan1
The short-term median value of Turboprops has risen a net 12% over
the past 12 months. There has been some up and down in this metric
since May, but a recent upward trend has placed it 1% above its start of
2020 levels. Resale transaction activity remains strong in this segment,
up 50% in the first 8 months* of 2021 compared to the same period in
2020, and up 31% for the same period in 2019. The Turboprop inventory
has also contracted 36% year-over-year.
* IMPORTANT NOTE: This chart represents aggregated data. The changes in values this year within individual make and model markets, and for specific serial numbers, may vary
to a greater or lesser degree from these trends.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 13

ASIA-PACIFIC MACRO ECONOMICS
GREATER CHINA | MAINLAND CHINA, HONG KONG, MACAU & TAIWAN
Mainland China
Mainland China’s GDP grew by 7.9% in the second
quarter of 2021, coming just below the median survey
of Bloomberg analysts, and down from the record 18.3%
in the first quarter. For the first half of the year, China’s
economy grew by 12.7%.
Hong Kong, China
GDP GROWTH (BILLION USD)
Mainland China Hong Kong Macau
$12,310 $13,895 $14,280 $14,723
$15,004
The Hong Kong economy expanded by 7.5% in the first
quarter of 2021, continuing its bounce back from the technical
recession at the end of 2020. Stronger exports and
increased consumer spending helped lift GDP.
Taiwan, China
Taiwan’s GDP grew by 7.74% y-o-y in the second quarter of
2021, beating an earlier estimate of 6.93%, but lower than
the 8.92% in the first quarter. The increase was largely due
to a 22.93% jump in exports.
*Data Source : Trading Economics
*Macau’s PMI is not available.
A reading above 50 indicates an expansion of the manufacturing sector compared to
the previous month; below 50 represents a contraction; while 50 indicates no change.
FLEET SIZE GROWTH
$341
$50
Mainland China
66.0%
64.0%
62.0%
60.0%
58.0%
56.0%
54.0%
52.0%
50.0%
48.0%
46.0%
44.0%
42.0%
40.0%
38.0%
36.0%
34.0%
32.0%
30.0%
$362
$55
Taiwan
$366
$55
PURCHASING MANAGER’S INDEX
Oct 20
Nov20
Dec 20
Jan 20
Feb 20
$30
2017 2018 2019 2020 2021Q2
Aug 20
Sep 20
Hong Kong
Mar 21
$347
Apr 21
May 21
Jun 21
$362
$50
Jul 21
Aug 21
Expansion Contraction
Business Jet
Turbine Helicopter
Turboprop*
Mainland China Taiwan Hong Kong Macau
344
338
332
342
351
581
679
718 773
797
184
191
191
135
135
122
122
114
25
9
30
27 27 29
5 5
4
15
29
25 24
27
3
21
10 10 10
15
23
19
18 18
4
2
4
1
4
1
2017 2018 2019 2020 2021Q2
Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT.
The current fleet data is preliminary, all fleet size data will be finalized in next year’s Helicopter / Business Jet Fleet Report.
* Historical data under review
14 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021
2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2

ECONOMICS
AUSTRALASIA | AUSTRALIA, NEW ZEALAND
Australia
GDP GROWTH (BILLION USD)
Australia’s economy expanded by 0.7%
in the second quarter of 2021, a touch
above the 0.5% that analysts forecast.
That figure was lower than the 1.7% in
the first quarter, with the slowdown due
to pandemic-related lockdowns across
the country.
Australia
$1,329
$208
New Zealand Papua New Guinea
$1,433
$1,397
$1,331
$209 $209
$212
$1,364
$222
New Zealand
New Zealand’s economy grew by 2.8%
in the second quarter of 2021, much
higher than the 0.7% forecast made by
the Reserve Bank of New Zealand. The
growth was driven by tourism, with the
opening of a limited travel bubble with
Australia, which has since been closed.
$23 $23 $25
$24
2017 2018 2019 2020 2021Q2
PURCHASING MANAGER’S INDEX
Australia
New Zealand
70.0%
65.0%
*Data Source : Trading Economics
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
Expansion Contraction
A reading above 50 indicates an expansion of the
manufacturing sector compared to the previous
month; below 50 represents a contraction; while 50
indicates no change.
30.0%
25.0%
20.0%
Aug 20
Sep 20
Oct 20
Nov 20
Dec 20
Jan 21
Feb 21
Mar 21
Apr 21
May 21
Jun 20
Jul 21
Aug 20
Sep 21
FLEET SIZE GROWTH
Business Jet
Turbine Helicopter
Australia New Zealand Papua New Guinea
Turboprop
428
433
432
431
445
186 185 199 211 216 832
853
844
865
875
16
19
19
22
29
478
511
534
541
562
51
54
56
58
58
4
4
3
3
3
104
116
103
91
89
22
23
28
29
30
2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2
Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT.
The current fleet data is preliminary, all fleet size data will be finalized in next year’s Helicopter / Business Jet Fleet Report.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 15

ECONOMICS
SOUTHEAST ASIA | THAILAND, MALAYSIA & SINGAPORE
Thailand
GDP GROWTH (BILLION USD)
The economy in Thailand expanded by 7.5% in the
second quarter of 2021 – the first time it grew for
over a year. Manufacturing and exports were the main
reasons behind the growth.
Thailand
$507
Malaysia
$544
Singapore
$502
$505
Malaysia
$456
Malaysia’s economy began to emerge from a full year
of recession in the second quarter of 2021, with an
expansion of 16.1%, although this was largely attributed
to the poor economic performance in the
second quarter of 2020. Services, which are the main
contributor to the country’s economy, grew by 13.4
during the quarter.
Singapore
The economy in Singapore grew by 14.7% in the second
quarter, a touch above the official advance estimate of
14.3%. However, despite growing, Singapore’s economy
is still 0.6% smaller than before the start of the
COVID-19 pandemic.
$373
$372
$342
$359
$365
$340
$337
$344
$339
$319
2017 2018 2019 2020 2021Q2
PURCHASING MANAGER’S INDEX
Thailand Malaysia Singapore
60.0%
55.0%
50.0%
45.0%
40.0%
Expansion Contraction
35.0%
30.0%
*Data Source : Trading Economics
*A reading above 50 indicates an expansion of the manufacturing sector
compared to the previous month; below 50 represents a contraction;
while 50 indicates no change.
FLEET SIZE GROWTH
25.0%
20.0%
Aug 20
Sep 20
Oct 20
Nov20
Dec 20
Jan 20
Feb 20
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Business Jet
Turbine Helicopter
Turboprop
Malaysia Singapoire Thailand
56
64
57
63
59
61
57
61
157
161
139
136
133
42
34
44
28
25
25
26
48
37
40
35
33
51
37
111
111
110
102
106
9
19
8
18
9
18
10
6
6
6
0
0
5
2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2
Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT.
The current fleet data is preliminary, all fleet size data will be finalized in next year’s Helicopter / Business Jet Fleet Report.
16 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

ECONOMICS
SOUTHEAST ASIA | INDONESIA & PHILIPPINES
Indonesia
GDP GROWTH (BILLION USD)
Indonesia came out of recession in the second
quarter of 2021, with GDP expanding by 7.07%. The
expansion was largely due to a jump in exports, as
well as an increase in government spending.
Indonesia
$1,016
Philippines
$1,042
$1,119
$1,058
$1,083
Philippines
The Philippines economy grew by 11.8% in the
second quarter of 2021, the highest growth rate that
the country has posted since 1988. Construction
and manufacturing were the main drivers of growth.
$328
$347
$377
$361
$358
*Data Source : Trading Economics
*A reading above 50 indicates an expansion of the manufacturing
sector compared to the previous month; below 50 represents a
contraction; while 50 indicates no change.
2017 2018 2019 2020 2021Q2
PURCHASING MANAGER’S INDEX
Indonesia
Philippines
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
Expansion Contraction
25.0%
20.0%
FLEET SIZE GROWTH
Aug 20
Sep 20
Oct 20
Nov20
Dec 20
Jan 20
Feb 20
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Business Jet
Turbine Helicopter
Turboprop
Indonesia
Philippines
54
51
53
53
208
207
219
221
217
117
116
119
121
123
51
48
46
48
47
49
162
163
155
156
149
57
59
62
61
61
2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2
Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT.
The current fleet data is preliminary, all fleet size data will be finalized in next year’s Helicopter / Business Jet Fleet Report.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 17

ECONOMICS
EAST ASIA & CENTRAL ASIA | JAPAN, SOUTH KOREA & INDIA
Japan
GDP GROWTH (BILLION USD)
Japan’s economy rebounded in the second quarter
of 2021 with growth of 1.3%. In the first quarter,
GDP shrank by 3.7. Q2 gains were largely due to
exports and capital expenditure.
Japan
$4,867
South Korea
$4,955
$5,065
India
$5,013
$4,983
South Korea
The economy in South Korea expanded by 5.9% in
the second quarter of the year – the highest growth
seen in more than ten years. Private consumption
and government spending were behind the gains.
$2,651
$2,701
$2,871
$2,623
$2,575
India
$1,624
$1,725
$1,647
$1,631
$1,672
GDP increased in India by 20.1% in the second
quarter of 2021. India’s economy has now grown
for three consecutive months, ending the recession
in the country last year.
2017 2018 2019 2020 2021Q2
PURCHASING MANAGER’S INDEX
Japan
South Korea India
65.0%
60.0%
55.0%
50.0%
45.0%
40.0%
Expansion Contraction
*Data Source : Trading Economics
35.0%
*A reading above 50 indicates an expansion of the manufacturing
sector compared to the previous month; below 50 represents a
contraction; while 50 indicates no change.
30.0%
25.0%
20.0%
FLEET SIZE GROWTH
Aug 20
Sep 20
Oct 20
Nov20
Dec 20
Jan 20
Feb 20
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Business Jet
Turbine Helicopter
Turboprop*
South Korea
India
Japan
140
140
138 137
142
647
646
664 673
669
94
92
78
73
77
76
72
68
54
55
63 61
66
21
19
21
291 287 285 288
17 14
227 229 232 231
287
224
16
19
17
17
19
2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2 2017 2018 2019 2020 2021Q2
Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT.
The current fleet data is preliminary, all fleet size data will be finalized in next year’s Helicopter / Business Jet Fleet Report.
* Historical data under review
18 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 19

ASIA-PACIFIC MOOD & INTENTIONS
RESPONDENT BREAKDOWN
RESPONDENTS LOCATIONS
Oceania (6%)
Central Asia & Middle East (39%)
Rest of the World (9%)
Greater China (16%)
TOP 10 RESPONDENT’S LOCATIONS
Sri Lanka (4%)
Malaysia (5%)
SE & NE Asia (30%)
India (29%)
Results Summary in Q3 2021
1. Economic slowdown, lead by China, affected Q3’s
market confidence, with no increase in optimisim
seen over Q2.
2. Aircraft utilization continues to increase.
3. A huge increase of 58% brokers evaluated the
current pre-owned market and categorized it as a
“Seller’s Market”.
4. When asked to rank the factors affecting business
aviation industry, “Value for Price Paid” overtook
“Cabin Sanitation” to become the number one factor.
In Q3 2021 nearly 350 business aviation professionals
responded to ASG’s latest quarterly survey about the
mood and intentions in the industry.
Australia (5%)
United States (6%)
United Arab Emirates (6%)
Mainland China (7%)
Thailand (7%)
Singapore (9%)
Hong Kong (12%)
Philippines (10%)
The regions with the most respondents include:
1. Greater China (16%)
2. Southeast and Northeast Asia (30%)
3. Central Asia & Middle East (39%, incl. India, Pakistan,
UAE etc.)
4. Oceania (6%)
RESPONDENT’S RELATED AIRCRAFT TYPE
Turboprop (22%)
The majority (62%) of respondents are related to business
jets operations.
Civil Helicopter (16%)
RESPONDENTS CATEGORY
Business Jet (62%)
In total, 67% of respondents from this quarter’s survey
are from aircraft services providers (FBO, MRO, etc.) and
aircraft operators. This was followed by smaller percentages
of aircraft brokers (6%), and aircraft end users (4%).
The remainder of the respondents are from other associated
areas.
Aircraft Owner / Charter User (4%)
Aircraft Sales / Charter Broker(6%)
Others** (23%)
Aircraft Service
Providers* (40%)
COVID-19 Pandemic Asia-Pacific
In the third quarter we saw some back and forth over
what the industry felt the continuing impact of the
COVID-19 pandemic was.
Aircraft Operator
/Management Company (27%)
* Aircraft Service Providers include: financial services, training,
FBO, ground handlers, Service, MRO, parts, etc.
** Others include law firms, research facilities and government officials
20 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MOOD & INTENTIONS
A new low of 32% of respondents believe that market
demand won’t return before the end of the year, and
65% still say that COVID-19 is seriously affecting their
business – 3% higher than the previous quarter.
COVID-19 IMPACT IN ASIA-PACIFIC
Has the COVID-19 outbreak affected you or your organization’s
business so far?
This quarter saw economic optimism levels stay
broadly the same as the previus quarter at 83%. However,
there was a marked decrease in optimism from
Great China respondants, with 80% saying they are
optimistic about the economy – a decrease of 6%
from Q2.
Chinese manufacturers signaled a slight deterioration
in business conditions in Q3, not helped by the recent
COVID-19 outbreak in Nanjing City, with the resulting
containment and restrictions having an impact on the
market, especially on the supplier side.
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q3
6%
4%
5% 5%
3% 2%
3%
1% 2% 1% 1% 1%
72% 71%
68% 68%
65%
63%
27%
28% 29%
25% 25%
24%
Aircraft Utilization
According to German business aviation consultancy
WingX Advance, flight actitity in Asia-Pacific in Q3
was on par with the same quarter in 2019 – prior
to the onset of the pandemic. This was especially
noticeable in September, when flight activity was
above the same month of 2019.
Hard to tell Not affected Seriously affected Somewhat affected
Do you foresee market demand bouncing back in the 2nd
half-year of 2020/1st half year of 2021?
Hard to tell at the moment
No
Yes
Respondents across all regions said that their flight
40%
38%
38%
36%
27%
33%
32%
activity had increased by 6% to 46% in Q3 2021, yet
a high proportion of respondents (41%) that say that
the flight activities have decreased.
24%
27%
29%
32%
44%
41%
38%
Purchase Intentions
36%
35%
34%
33%
30%
26%
31%
The percentage of respondants saying that they
have intentions to acquire additional aircraft
remained flat at 47.3%, although there was a swing
to pre-owned purchase intentionas from new. The
percentage of respondents that felt “Not Sure” of
purchasing aircraft in this quarter was 52.7%.
2020Q1
2020Q2
2020Q3
2020Q4
Rank the following factors that you think are critical to the future
of business aviation / general aviation (the lower the better):
Value for Price Paid
2.5
2021Q1
2021Q2
2021Q3
The main limiting factor that is stopping Chinese
users acquiring additional aircraft was once again
“Government / Public Opinion” this quarter.
Privacy
3.6
4.0
Customer Service
2.7
More Important
Maintenance Support
3.4
3.0
Flexibility / Punctuality
Cabin Sanitation
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 21

MOOD & INTENTIONS
In terms of your current level of business recovery, how does your domestic business volume compare to
your international business volume:
100%
International business recovery
is better than domestic
My business have not been affected
by COVID-19 aso far
Hard to tell at the moment
90%
80%
70%
60%
50%
21%
2%
16%
33%
8%
25%
36%
5%
9%
26%
4%
20%
40%
41%
Domestic business recovery is
better than international
30%
32%
38%
Both have not started to recover
20%
33%
10%
20%
18%
12%
0%
0%
Aircraft Operator /
Management Company
Aircraft Owner /
Charter User
Aircraft Sales /
Charter Broker
Other Related
(FBO, MRO, etc)
ECONOMIC STATUS
Optimism Levels - Regional Differences
Greater China
Central Asia & Middle East SE & NE Asia Oceania Overall
100%
95%
90%
80%
70%
60%
50%
40%
85%
83%
68%
61%
42%
86%
81%
64%
61%
48%
81%
75%
66%
56%
84%
71%
60%
58%
45%
89%
73%
62%
55%
83%
70%
60%
59%
67%
58%
50%
53%
52%
44%
41%
37%
75%
74%
71%
70%
62%
77%
75%
70%
68%
84%
83%
73%
89%
86%
85%
83%
89%
83%
80%
69%
30%
31%
29%
30%
20%
20%
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
22 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MOOD & INTENTIONS
What is the current economic status? (Quarterly comparsion)
100%
36%
30%
31%
19%
30%
23%
26%
35%
27%
30%
41%
40%
42%
Past Low Point
Optimistic
(Will get better)
31%
29%
26%
29%
36%
29%
32%
24%
45%
40%
54%
At Low Point
42%
45%
Pessimistic
(Will get worse)
32%
36%
34%
40%
38%
41%
50%
48%
29%
32%
16%
17%
Not Reached Low Point
15%
0%
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3 2019Q4 2020Q1 2020Q2 2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
PURCHASE INTENTION
Where are we in the current pre-owned market?
Buyer’s Market
58%
50%
55%
66%
54%
62%
62%
52%
58%
Balanced Market
Seller’s Market
I’m not sure
43%
38%
14%
5%
38%
26%
10%
41%
38%
16%
5%
20%
15%
8%
28%
17%
6%
21%
15%
9%
13%
12%
8%
22%
13%
11%
18%
13%
8%
17%
10%
48%
30%
15%
8%
29%
19%
0%
26%
16%
0%
2018
Q3
2018
Q4
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
Purchase Intention 2018Q3 - 2021Q3
Yes, a new aircraft
Yes, a pre-owned aircraft
No/I’m not sure
37.4%
32.0%
30.6%
40.7%
30.0%
29.2%
43.3%
28.5%
28.1%
45.7%
27.4%
26.9%
52.9%
26.7%
20.4%
48.2% 48.5%
28.0%
26.4%
23.8% 25.1%
58.8% 57.8%
21.9% 22.0%
19.3%
20.2%
54.9%
23.2%
21.9%
55.6%
22.4%
22.0%
52.1%
25.8%
22.0%
52.7%
24.1%
23.2%
2018
Q3
2018
Q4
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 23

MOOD & INTENTIONS
Regional Differences (Fixed Wing)
Corporate Airliner Large Jet Mid-size Jet Light Jet Turboprop / Piston Fixed Wing
Southeast &
Northeast Asia
18% 29%
13%
18%
21%
Oceania
0% 14%
14%
29%
43%
Greater China
16% 40%
24%
12% 8%
Central Asia
& Middle East
40%
23% 13% 13% 10%
Purchase Intention - Fixed Wing
Purchase Intention - Helicopters
Corporate Airliner
(Such as ACJ, BBJ)
Twin Turbine
(Such as Sikorsky S-76C+)
Most Preferred
Turboprop/Piston
Fixed Wing
(Such as King Air Series)
Large Jet
(Such as G650,
Falcon 8X)
Most Preferred
Small Jet
(Such as Citation Series,
Hawker Series)
Midsized Jet
(Such as Challenger 650)
Piston Helicopter
(Such as Robinson R22)
Single Turbine Helicopter
(Such as Bell 206)
Purchase Decisions - Influencing Factors*
Government / Public Opinion
Greater China
Oceania
Inconvenient to Use
No Interesting Aircraft
Central Asia & Middle East
SE & NE Asia
Most Limited
No Need
Price
*Outer means more limited
24 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

FLEET UTILIZATION
Summary : Aircraft Utilization Changes In Past 2 Years
MOOD & INTENTIONS
100%
Up by 20% and more (>20%)
16%
INCREASED
Up but less than 20% (0 - 20%)
30%
50%
The same (0%)
12%
SAME
10%
Down but less than 20% (-20 - 0%)
31%
DECREASED
Down by 20% or more (

SPECIAL FEATURE
ASIA-PACIFIC BUSINESS JET FLIGHT ACTIVITY
2021 Q3 REVIEW
Analysis By Coco Yang
WINGX is a data research and consulting company, which provides
actionable market intelligence to the global business aviation
industry. Our interactive web-hosted dashboards provide our
customers with the data-visualization they need to stay alert to
market trends, keep tabs on market share, identify competitive
threats and spot new sales opportunities. WINGX customers
include aircraft operators, airframe, engine and avionics OEMs,
airlines, maintenance providers, airports, fixed-based operators,
satcom providers, fuel providers, legal advisors, leasing companies,
banks, regulators, investors and private jet users.
For further information and a free demo of our dashboards, please
contact: Richard or Christoph at office@wingx-advance.com
WINGX Data Source: ADSB and ATC
DATA BY
26 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

SPECIAL FEATURE
FLIGHTS DEPARTING APAC
2021 Departures YoY Trend
225.2%
8447
-3.4%
7504
9435
65.7%
9021
126.4%
8580 8739 8722
71.3%
42.7%
8271 8332
19.9% 16.2%
-2.5%
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
According to data from German business aviation consultancy WingX
Advance, the total number of business aviation flights departing from
Asia-Pacific airports between January 2021 and September 2021
was 77,051 – a 42.7% increase when compared to the same period
in 2020.
When it came to the third quarter of 2021, the increase in flight activity
after the COVID-19 pandemic continued. However, the year-on-year
increase started to slow down from July 2021, which only saw an increase
of 42.7% as the year-on-year increase in June 2021 was 71.3%.
Overall, despite slowing, the increases during the period from January
to September 2021 indicate that the recovery will continue into the
fourth quarter of 2021.
DEPARTURES BY DATE
2019 Jan-Sep 2020 Jan-Sep
2021 Jan-Sep
The number of departures in the third quarter of
2020 is close to the same period in 2021. On the
other hand, we saw an overlap amongst the num-
400
ber of departures in 2019, 2020, and 2021 since
mid-August.
350
300
250
200
150
100
50
0
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 27

SPECIAL FEATURE
FLIGHT DURATIONS
10000
8000
More than 5 hours
4 to 5 hours
6000
3 to 4 hours
2 to 3 hours
4000
1 to 2 hours
2000
30 min. to 1 hours
0
Max 30 min.
Jan
20
Feb
20
Mar
20
Apr
20
May
20
Jun
20
Jul
20
Aug
20
Sep
20
Oct
20
Nov
20
Dec
20
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
During the third quarter of 2021, flight durations all saw growth
when compared to the same period in 2020. The increase in flight
duration was most obvious for flights between 30 minutes and one
hour, as well as those more than five hours. This implies that the
recovery of both short-distance and long-distance flights will continue
to the fourth quarter of the year.
2020 Jan - Sep
INTERNATIONAL VS. DOMESTIC FLIGHTS
Domestic Flights International Flights
42%, 22822
58%, 31158
Total flight activitity between January and September 2021 saw
huge growth when compared to the same period in 2020. The strict
COVID-19 control and regulation policies led to the rise of domestic
flights in 2021. The differences between domestic and international
flights was 16% in 2020, whilst in 2021 it has dropped to
just 8%. The rise of domestic flights will probably continue until the
COVID-19 pandemic is under complete control worldwide.
Apart from Hong Kong, all other countries and regions saw a yearon-year
rises. Without a doubt, India still ranked first with a yearon-year
rise of 241%. On the other hand, Japan finally got rid of
its continuous year-on-year drop during the first half of 2021, and
has seen a huge boom in flight activity since the second quarter
of 2021.
2021 Jan - Sep
46%, 35383
0 10,000 20,000 30,000 40,000 50,000
54%, 41663
60,000
REGION DEP. FLIGHTS YOY TREND
Mainland China
Hong Kong
Japan
India
8723
1001
2797
8206
70,000 80,000
103%
-39%
5%
241%
Malaysia
1616
16%
Singapore
956
7%
Thailand
1767
40%
28 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

SPECIAL FEATURE
FLIGHT ACTIVITY
3500
3000
2500
Thailand
Singapore
Malaysia
2000
India
1500
1000
Japan
Hong Kong
500
Mainland China
0
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
The graph shows that flight activity was less active in the third
quarter of 2021 when compared to the beginning of 2021. Apart
from Hong Kong, Singapore, and Thailand, the remaining countries
all saw net increases at the end of September 2021 when compared
to June 2021.
Amongst various countries and regions, India was the only country
that has seen continuous growth since the beginning of 2021. In
addition, Japan and Thailand continued their rebounds that began
in the second quarter. Hong Kong is now the only region that has
seen continuous year-on-year declines since January 2021.
FLIGHT ACTIVITY TREND: 2020 VS.2021
2021 Jan - Sep
+1500 %
350%
300%
250%
200%
150%
100%
50%
0%
-50%
-100%
Mainland China Hong Kong Japan India Malaysia Singapore Thailand
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 29

SPECIAL FEATURE
FLIGHT DURATIONS IN GREATER CHINA
1600
1400
1200
1000
800
More than 5 hours
4 to 5 hours
3 to 4 hours
2 to 3 hours
600
400
1 to 2 hours
200
0
30 min. to 1 hours
Max 30 min.
Jan
20
Feb
20
Mar
20
Apr
20
May
20
Jun
20
Jul
20
Aug
20
Sep
20
Oct
20
Nov
20
Dec
20
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Apr
21
Jul
21
Aug
21
Sep
21
GREATER CHINA PERFORMANCES 2021 JAN - SEP
Mainland China Hong Kong Taiwan Macao
1600
1400
1200
1000
800
600
400
200
0
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
FLIGHTS BY OPERATOR TYPE
Fractional (910,1%)
Ambulance (1,015,1%)
Government (3,875,5%)
Cargo (499,1%)
Hybrid / Shuttle (13,0%)
Branded Charter
(11,076,15%)
When it comes to operator type, private, aircraft management,
and branded charter operators accounted for over 90% of
market share. The fourth biggest type was government with a
share of 5% on the market.
Aircraft Management
(29,453,38%)
Private
(30,205,39%)
30 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

SPECIAL FEATURE
TOP OEM FLEET ACTIVITY YOY%
Flights YoY %
21,473
17,634
Between January and September 2021, Honda
was the only one of the top OEMs that saw
a year-on-year drop in flight activity. Amongst
the OEMs with positive growth, Bombardier and
Gulfstream ranked first and second as the most
popular OEMs in flight activity.
9,168 8,909
38%
29%
59% 52%
6,964
52%
89%
6,300
18%
38% 37%
2,506
1,853 1,626
-7%
434
Bombardier
Gulfstream
Embraer
Dassault
Cessna
Hawker
Beechcraft
Learjet
Airbus
Boeing
Honda
TOP CITY FLIGHT ACTIVITY TRENDS 2021
Departing Flights YoY %
Beijing became the busiest airport city in Asia-Pacific in September
2021, with a total of 216 flights. Moreover, Tokyo was
the city with the highest year-on-year increase in September
2021 - up by 58%.
On the other hand, Hong Kong has seen a continuous decline
in flight activity since the beginning of 2021. Apart from Hong
Kong, Singapore and Taipei were the other two cities that saw
year-on-year declines at the end of third quarter of 2021 - each
by 20% and 10%, respectively.
BEIJING
332%
HONG KONG
-14%
76%
108%
146%
76%
87%
-63%
-56%
-54%
-21%
-41%
-30%
-39%
-31%
-17%
164
167
177
242
199
162
196
-3%
160
19%
216
123
111
124
97
109 109
109 113
106
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 31

SPECIAL FEATURE
SHANGHAI
TOKYO
249%
-8%
154
51%
122
172%
155
192
189%
159 155
51%
41%
168
-22%
135
9%
153
-31%
-67% -72%
71
62 63
96%
90
49%
76
-19%
93
46%
79%
89 93
58%
87
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
GUANGZHOU
BANGKOK
148%
137%
6%
88%
114% 117%
83%
35%
13%
44%
10%
73%
49%
43%
15%
50
45
62 65
73
-42%
33
66
77 78
-52%
172
-48%
182
109 109
76
109
100 103 100
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
SINGAPORE
TAIPEI
221%
150%
118%
-72%
84
-66%
84
-4%
135
125
12%
92
9%
114
16%
111
-30%
98
-20%
113
-59%
33
-33% 3%
27
34
45
-7%
26
48
42%
-21%
-10%
33 34 36
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
Jan
21
Feb
21
Mar
21
Apr
21
May
21
Jun
21
Jul
21
Aug
21
Sep
21
32 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 33

FEATURE: SINO JET
MISSION IMPOSSIBLE
Sino Jet’s New Aircraft Delivery Process
during the COVID-19 Pandemic
Since early 2020, the dramatic spread of COVID-19 across the globe has put the entire commercial aviation
industry in an unprecedented economic winter. Business aviation, renowned for its high degree
of safety, privacy, flexibility, and convenience immediately became the essential mode of transport
for Chinese businessmen to effectively resume work and to continue with their operations. Facing COVID-19,
countries and regions reacted by tightening travel policies and introducing restrictive quarantine measures.
These policies and measures almost put importing an aircraft into mainland China completely out of the question.
Despite the obstacles, Sino Jet, Asia’s biggest private jet operator, still managed to successfully take
delivery of new aircraft.
As the largest business jet operating company in the Asia-Pacific region, Sino Jet, without compromising
safety, strategically analyzed various pandemic prevention and control measures in different countries and
regions, and innovatively came up with new aircraft delivery processes. In April 2020, Sino Jet successfully
introduced the first business jet from the United States to its fleet in mainland China since the outbreak of
COVID-19. This Sino Jet delivery process quickly set an example in the industry, exemplifying the continuous
development of business aviation in China.
Since the pandemic, Sino Jet has successfully delivered several aircraft from the United States and Canada to
its customers in mainland China and Hong Kong. According to Asian Sky Group’s “2020 Asia Pacific Business
Jet Fleet Report”, an additional 14 new business jets were introduced into the Greater China region in 2020.
Amongst the top five operators in the Asia-Pacific region, Sino Jet is the only operator that has seen its fleet
grow for three consecutive years.
34 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

FEATURE: SINO JET
Unprecedented Challenges
After the COVID-19 outbreak, country borders are heavily controlled,
and business aviation operations face varying degrees of restrictions.
Aircraft deliveries involve many stakeholders, such as the customers
themselves, aircraft manufacturers, airworthiness authorities,
financing institutions, airport authorities, and of course local health
departments on pandemic prevention and so on. A recipe for success
must now include considerations and support from various research
studies about the virus, in addition to the formulation of a systematic
plan, close communications with all stakeholders and most importantly,
impeccable teamwork.
“The pandemic is changing rapidly, at the same time, preventive and
control measures are also changing. Although a customized delivery
plan may have been designed down to every detail, our aircraft induction
team must remain vigilant throughout the process, closely monitor
the situation and uphold their adaptability to changes. “Anticipate,
Adapt and Overcome is our motto” Jessica Wu, General Manager of
Sales Operation of Sino Jet Beijing, is full of emotions as she thinks
back to the delivery of a brand-new Gulfstream G650 from the United
States to Mainland China back in April 2020.
Before an aircraft is delivered, Sino Jet aircraft induction team begins
coordination that includes communicating with the Civil Aviation Authority
of the aircraft registration country, followed by arranging an
authorized representative to conduct on-site inspections at various
stages at the aircraft manufacturer and aircraft modification sites.
The inspections cover aircraft configuration, aircraft airworthiness,
license and certification applications, schedule and conduct of flight
tests, and most importantly, any correctional tasks and final acceptance
of the aircraft. However, the pandemic brought some serious
challenges to the Sino Jet team as they planned for the delivery flight
from the US to mainland China. As the Centers for Disease Control
and Prevention (CDC) in the US could alter travel restrictions by locking
down major cities at any point, timing the departure and choosing
the departure airport became critical. A feasible departure plan would
not be possible without monitoring the continuous development of
travel policies in different states and a strong team of flight operations
professionals who could formulate and implement safe and
practical flight plans in a timely manner.
Meanwhile at the arrival end, the Chinese Center for Disease Control
and Prevention (China CDC) had implemented extreme border
restrictions on foreigners, forcing Sino Jet to reallocate its own crew
resources as the flight could no longer be operated by flight crews
assigned by the manufacturers.
“For our clients in Hong Kong, recruiting pilots with the knowledge,
experience, and skillset required to succeed in this operating environment
is more difficult than ever. A contributing factor is the tightened
work visa restrictions that is in response to the recent closure of a
local carrier, subsequently and sadly leaving many local airline pilots
unemployed. Available pilots with a good amount of experience in
business aviation are scarce now.” said Jim Markel, Chief Operating
Officer of Sino Jet Hong Kong.
Jessica said: “We are facing new challenges, there is no one solution
that fits all, and there is no past experience to learn from. We tread
as we explore carefully, holding our service commitment and professionalism
to heart, we improvise with our skills and knowledge, to
customize every aircraft delivery process.”
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 35

FEATURE: SINO JET
Challenge the Impossible
“Sino Jet is very pragmatic when it comes to aircraft deliveries. We
are very result-oriented, we start from our customer’s needs and work
our way to a smooth and efficient delivery. Sino Jet conducts feasibility
studies to evaluate the ideal outcomes in reverse. We have been
closely monitoring changes in travel policies and restrictions, and we
make the best use of our dual headquarters in Beijing and Hong Kong,
to effectively utilize our resources. Be creative and open-minded in
customizing every step of the process during these special times.”
Prior to COVID-19, Sino Jet was always innovative in the aircraft handover
and the completion of aircraft registration. It is not uncommon
to have aircraft registry officials from one country and a Sino Jet
representative conducting on-site inspections concurrently. This arrangement
can facilitate an efficient handover and a quicker delivery
bringing the aircraft into mainland China. Sometimes a further change
of aircraft registration to another country that best suits the clients’
needs is then carried out once the aircraft is in mainland China.
Jim Markel mentioned that Sino Jet’s aircraft induction team is comprised
of experts with different backgrounds, including business
management, customer services, aircraft maintenance and engineering,
flight operations, quality assurance, cabin services, and safety.
Every member contributes their expertise in customizing the delivery
process for their clients.
An optimum aircraft delivery process should minimize the use and involvement
of external vendors. Sino Jet aircraft induction team works
round the clock amid local COVID-19 restrictions and controls, keeping
all stakeholders updated by direct communications to streamline
a smooth aircraft delivery process.
With two strong international teams based in Beijing and Hong Kong,
Sino Jet can assign the right professionals with the most convenient
nationalities to conduct aircraft inspections and to operate the aircraft
to the delivery country in accordance with the latest travel restrictions
and quarantine requirements.
Aircraft registration is never a simple matter. To be able to offer further
changes, this utmost level of flexibility to aircraft owners, an operator
must firstly be structurally sizeable enough to fulfill various
operational requirements set by different aircraft registries. Secondly,
the operator must be experienced and knowledgeable enough to be
capable to operate a fleet of aircraft registered in multiple locations.
Having helped countless business jet owners find their ideal registration
jurisdiction, Sino Jet has proven itself to have a wealth of experience
in aircraft registration and has been operating a diverse fleet of
aircraft with different prefixes for over a decade.
From formulating an aircraft delivery plan, to assuring the highest financial
and operational efficiency, challenges lie at every step. Sweat
and hand work is the formula for Sino Jet’s success.
www.sinojet.org
In order to effectively control the cost of aircraft delivery, Sino Jet
tends to assign the ideal professional who has at least 20 years of
experience in aircraft engineering or management as the representative
stationed on site for each delivery. Amid the global pandemic,
keeping travel personnel to a minimum is the ideal of keeping the risk
of COVID-19 infection low.
36 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

www.baasia.com
4000 528 666
marketing@baasia.com

38 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

EXCLUSIVE: CHARLES FABRIKANT
Interview with
By Tiffany Tong
Charles Fabrikant
Charles Fabrikant started his career in the late 1960s as a lawyer,
initially specializing in environmental law, which at the time was a
newly burgeoning field. Having taught the subject in law school, then
working for the Environmental Protection Agency when it was first
formed, Charles set up his own law firm with a former colleague.
However, Charles found the work unsatisfying, and with his family
taking an interest in the international shipping business and owning
tankers and bulk ships, it wasn’t long before Charles took an interest
as well. “I remember reading an article around that time in one of the
financial magazines and it talked about Greek ship owners as modern
day pirates with eyes in the back of their heads, and that sounded like
a lot of fun to me,” says Charles. The family shipping business was
called SEACOR, and operated vessels mainly from Greece, but also in
other parts of the world.
Breaking into the helicopter industry
During the early part of the 1980s the global economy suffered what is
widely regarded to be one of the worst recessions since the end of the
second world war, and America’s grain exports consequently dropped
substantially. As a result, activity dropped and the international shipping
business was badly affected. Sensing the fall out early, Charles liquidated
the family shipping business in 1981, in what he himself calls a ‘lucky
move.’ Having then spent some time in the in-land transportation industry,
Charles’ return to shipping would come in 1989 with a move into the
Oil and Gas support sector. During a lunch one Christmas, Charles met
up with a friend who asked him if he wanted to break into the helicopter
industry. But it wasn’t until 2001 when an executive called Charles
to inform him that there was a helicopter company looking for capital.
Eventually, in 2002 Charles acquired Tex-Air – a Gulf of Mexico-based
operator using single-engine helicopters. With the boom in deepwater
activity and drilling, Charles remembers “we were inspired and figured
it would be a launching base for a bigger business.” This would later
pay off when in 2005 a drilling company called Rowan put its helicopter
business Era up for sale. Charles notes “my instinct had told me, the
new management of Rowan would have no interest in helicopters, and it
turned out to be the case.”
About eight years later Charles created a tax-free dividend for SEA-
COR shareholders, and spun Era off as an independent company. “Our
view was that eventually, the industry would need to consolidate,” he
says. “History has suggested based on what I’d seen, consolidation
would be necessary.” Having taken SEACOR public, Charles stayed on
as the Chairman of Era until its 2020 merger with Bristow.
Business aviation lands in China
Shortly after getting involved in the helicopter industry, Charles first
met Wu Zhendong, CEO of Avion Pacific. Charles states that it was
an “interesting experience.” According to him, Era’s general manager
called one day asking if he would be open to meeting a gentleman with
whom they had done business leasing aircraft into China. After a New
York Chinese dinner, the deal was set - SEACOR invested in Avion Pacific.
Charles says that it was a fascinating time to be involved in business
aviation in China as the industry was still very much in its infancy
– it was then that he started to learn more about fixed-wing aircraft.
Avion Pacific’s portfolio around that time mostly consisted of helicopters
but it was looking to expand into fixed-wing aircraft. Around the
same time, Hawker Beechcraft was looking to break into the Chinese
market with its turboprop and business jet aircraft. Avion soon became
an authorized Hawker Beechcraft sales representative for China, eventually
becoming the country’s master dealer.
Asian Sky Group is born
During 2010, with Zhendong’s primary focus on the booming Chinese
business aviation market, he and Charles jointly came up with the idea
of creating a new company located outside of mainland China that could
capitalize on the growth in the region. “The idea was to expand the brokerage
side of the business,” Charles elaborates. “Then Asian Sky Group
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 39

started to do publications and some consultations.” In his eyes, with necessity
being the mother of invention, when times were lean and difficult
on the brokerage side of things, the publications and consultancy work
became adjunct activities. In time, the publications expanded to include
topics such as business jets, helicopters, infrastructure, general aviation,
charter, and training – what readers are familiar with today.
Back to the future
Charles also has a great interest in the digital side of the industry,
and could immediately see the possibilities of 3D virtual platforms
when a friend introduced him to GathR Virtual Studios (Now called
Mytaverse) during the summer of lockdown in 2020.
With the platform being able to imitate real-world interactions without
the necessity of goggles or complicated equipment, Charles was
immediately captivated by how the program could be used in different
ways. He was particularly interested in Mytaverse’s teleporting
feature, which allowed users to jump from one part of the platform
to another instantaneously. Charles’ first aviation trade show experience
came with a visit to the Paris Air Show in 1995, so he immediately
understood the value of being able to teleport from exhibitor to
exhibitor, all without the possibility of getting lost along the way. After
evangelizing the merits of the platform to Asian Sky Group’s CEO Jeffrey
C. Lowe, the seed was sown, and the first ever fully immersive 3D
virtual trade show and conference for aviation, and perhaps the first
of its kind for any industry, began to take shape.
Charles speaks very positively about the use of GathR Virtual Studios’
Mytaverse platform, “The key here is, unlike Zoom or just sharing
screens, you can be virtually in the same space,” he says. “You can actually
sit in the cabin or the cockpit [of the aircraft] and someone can sit
there with you and use a laser pointer and show you the new avionics.”
Aside from being great for trade shows, Charles adds that Virtual Reality
(VR) is a terrific opportunity for OEMs and manufacturers serving other
industries to showcase their products. A retired radiologist friend that
Charles spoke to about it said that it would be perfect for the Radiological
Society of North America (RSNA), as manufacturers would no longer
need to move around large X-ray and CAT scanners, which can be cumbersome
and expensive. With so many different applications, the topic
of the ‘metaverse’ has become a euphemism for the virtual world, major
networks like the BBC, New York Times, Wall Street Journal, and CBS all
talking about the future opportunities of VR. As Charles puts it, “it seems
to be an evolving concept.”
VR is the future
On VR, Charles remains optimistic. Aside from the high cost to physically
travel around for trade shows and exhibit, plus having to deal with
current and no doubt future pandemic restrictions, there is the convenience
of sitting in a comfortable and secure environment as well as
being able to download materials digitally without being weighed down
with brochures as you do at an in-person event. As Charles himself
says, “I’m not terribly keen on flying around for trade shows, and additionally,
when I was Chairman of Era, we had already started to cut
back on the number of people we would send to trade-shows.” Add on
changing timezones, jet lag, and complicated airport security prevalent
in a post 9/11 world, flying to trade shows is more complicated than
ever before.
In a time where sustainability and climate change are important,
using VR can also assist in reducing our carbon footprint and can
demonstrate our ‘green’ credentials. “This is one of the few areas that
businesses that are not heavy carbon emitters have control over, or
businesses which are emitters can limit what they do,” Charles explains.
The sad truth is, in aviation, more flights equal better business,
despite more Co2 being emitted. In the end, Charles believes
“we want to look for other areas where it’s feasible to be a positive
contributor to the global effort here.”
40 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

We know your engine better
because we designed it
OnPoint SM engine maintenance program
GE’s OnPoint program provides
the most comprehensive
business jet engine coverage,
including full risk transfer of your
engine maintenance, support
and diagnostics. Beginning on
day one with 100% coverage,
geaviation.com/bga
OnPoint ensures your aircraft
retains the highest level of
performance and residual
value. No matter where you
are in the world GE can tailor
a solution to best suit your
operating needs.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 41

FLYING GREENER WITH SUSTAINABLE AVIATION FUEL
By Tiffany Tong
With global temperatures on the rise, research into sustainable
fuels has become a hot topic of discussion in the aviation
industry. According to data provided by the Air Transport
Action Group (ATAG), worldwide flights produced 915 million tonnes of
CO2 in 2019. Furthermore, aviation is responsible for 12% of CO2 emissions
coming from all transport sources – with 74% coming from road
transportation. With the world recovering from the COVID-19 pandemic,
and air travel slowly picking back up, it is even more important for the
aviation industry to consider alternatives to using fossil fuels.
Another unique property of SAF is that the chemical and physical
characteristics are almost identical to conventional jet fuels, thus allowing
the two to be safely blended together. These combined fuels
are called “drop-in fuels” – fuels that can be automatically incorporated
without needing existing aircraft, engines, or airport fuel systems
to be modified. With SAF’s potential to reduce the carbon footprint of
aviation fuel by up to 80%, it is hoped that its introduction will result in
a step forward in the decarbonization of the aviation industry.
SAF, short for sustainable aviation fuel,
are fuels that are not derived from fossils.
Also known as ‘next-generation biofuels’
or ‘advanced biofuels’, they are produced
from sustainable feedstocks. Feedstocks
(otherwise raw materials from which fuels
are produced) include used cooking oils,
non-palm waste oils, and other municipal
solid waste. Although similar to standard
biofuels, SAFs have to ensure their feedstocks
can be grown or produced without
unintentional environmental consequences,
such as deforestation.
Hongkong Jet is one such operator considering the use of SAF. According
to the company, it believes that SAFs are one of the main factors to
make aviation greener.
We are very pleased to have SAFs in the
private jet industry and fully support its
development and usage because of the
environmental protection.
says CEO Alex Jiao. “We would love to start using it once it has been
approved by OEMs and civil aviation authorities.” Despite customers
not specifically requesting for Hongkong Jet to use SAF, the operator
still intends to reduce aviation’s ecological footprint as well as minimize
the effects of global warming.
42 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

COMMENTARY: FLYING GREENER WITH SUSTAINABLE AVIATION FUEL
Sino Jet is also thinking about using SAFs. According to the company,
It strives to improve fuel efficiency and
operational efficiencies to help limit
aviation’s climate change impact, and
is also committed to a safe, secure and
sustainable future for business aviation.
customers and supports government policies that drive larger volumes
of SAF in the future. The company additionally advocates for new
technological research and development programs for SAF. With the
increasingly greater interest in these sustainable fuels, Gulfstream’s
customers are starting to recognize the importance of decarbonizing
aviation. As a result, Charles claims that Gulfstream has “led the way
for several operators to pursue securing their own supply of sustainable
aviation fuel.”
As a return flight between London and San Francisco has a carbon
footprint per economy ticket of nearly 1 tonne of CO2, Sino Jet views
SAFs are critical to achieving aviation’s goal of carbon-neutral growth.
Gulfstream has already started using SAF in its demonstration
flights. According to Charles Etter, environmental strategy and regulatory
affairs staff scientist and technical fellow, he believes “SAF
is one of the most promising paths for fulfilling the industry’s commitment
to reduce business aviation’s carbon footprint.” In his eyes,
every gallon of SAF used saves at least 50% in CO2 emissions on
a life-cycle basis, compared to traditional petroleum-based jet fuel.
Moreover, these renewable fuels are purer and burn cleaner, thus reducing
emissions of sulfur oxides and particulate matter, which will
keep the air cleaner. This is especially important in areas having a
high density of flight movements, such as airports and other urban
locations. Charles also notes that further research has indicated SAF
reduces the formation of condensation trails, which can also have
GHG (greenhouse gas) impacts.
Gulfstream, therefore, supports SAF in many ways, such as using it in
its own corporate and flight test operations. Gulfstream also offers it to
The manufacturer started regularly using SAF in 2011, with the Gulfstream
G450 being the first aircraft to fly transatlantic on SAF. 2015
saw the company sign a multi-year agreement with World Fuel Services
for a continuous supply of a 30/70 blend. Charles further specifies
that Gulfstream recently renewed the contract for an additional
five years. Flying more than 1.5 million nautical miles while purchasing
more than 1.4 million gallons of SAF, Gulfstream has also become
the first company to receive the National Aeronautic Association’s
(NAA) “Sustainable Wings” certificate for its record-setting trip from
Savannah to San Francisco using a 30/70 blend of SAF and conventional
Jet-A.
Gulfstream G450 become the first aircraft to fly transatlantic on SAF, and Gulfstream has also become the first company to
receive the National Aeronautic Association’s (NAA) “Sustainable Wings” certificate.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 43

COMMENTARY: FLYING GREENER WITH SUSTAINABLE AVIATION FUEL
Despite SAF’s overall positive impact on the environment, one of the
major downsides is its higher cost. According to estimates, it costs
two to three times more than traditional jet fuel, whilst making up
less than 1% of fuel available in the market. This is mainly a result of
small production runs, as well as the current availability of sustainable
feedstocks coupled with the development of production technology.
Alex agrees, stating that “SAF is still a relatively new technology
at the moment.” However, he is still optimistic, noting “Once it has
been approved and supported by OEMs and civil aviation authorities,
we believe that more and more companies will start using it [SAF].”
He hopes that further production facilities being built and more operators
choosing to use sustainable fuels will help to bring the overall
cost of SAFs down.
When asked if there were any other solutions to make aviation greener,
Alex mentions there are advanced flight plans from operators and
upgraded aircraft designs from OEMs that could help. Charles on the
other hand elaborates, “Gulfstream continues to focus on several key
initiatives. We invest in new aircraft technologies and use state-ofthe-art
engines that reduce emissions, fuel consumption, and noise.”
He further adds, “Gulfstream has made significant investments in
precision manufacturing and advanced technologies that have led
to the introduction of six high-technology aircraft in the past eight
years.” These aircraft include the G280, G500, G600, G650, G650ER,
and G700. Aside from this, Gulfstream also encourages customers
to use green flying methods and even offers operators a carbon offset
program. Sino Jet, Asia’s biggest private jet operator, believes airframe
and engine improvements, as well as new air traffic control
technology, can also help reduce GHGs.
Both Alex and Charles remain positive about the future of SAF and
the aviation industry. Alex believes “SAF will have great success in
the future once it is supported by governments and OEMs. With technological
improvements, the percentage of SAF compared to traditional
jet fuel may increase.” Charles agrees, stating “We expect SAF
to be made from a wider variety of sustainable feedstocks and, with
a true demand signal, the volumes will increase to better meet that
demand.”For Sino Jet, the company emphasizes how governments
and aviation authorities need to help promote sustainability and SAF,
as well as establish more business networking opportunities for suppliers
and consumers of SAF, such as the Sustainable Aviation Fuel
Symposium (SAFS). Overall, as Charles puts it, “the goal is to make
SAF the norm, rather than novel.”
44 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 45

Metrojet Engineering Clark
Inaugurates New Maintenance Hangar
Metrojet Engineering Clark (MEC) is the maintenance
arm of the Hong Kong-based business jet operator –
Metrojet Limited. MEC consists of a modern state-ofthe-art
aviation facility, integrating hangar parking, maintenance,
CAMO and associated services, conveniently located at Clark
International Airport in the Philippines.
The 26,000m 2 facility has been designed to provide a world-class
customer experience whilst maximising safety and productivity
in all activities. With over 7,100m 2 of hangar floor space, MEC
has the capacity to accommodate up to 10 long-range business
jets including Boeing Business and Airbus Corporate jets.
46 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

Workshops, stores, staff and customer offices and lounges
with available space for a dedicated Fixed-Base Operator (FBO)
encompass a 2,500m 2 two-storey annexe building on the rear of
the hangar. Coupled with 11,000m 2 of apron area in front of the
hangar with an exclusive private taxiway, the new facility has been
designed to the highest international standards including typhoon
and seismic loadings which meet current Philippine codes.
www.metrojet.com
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 47

EXCLUSIVE: ASGVEC RECAP
ASGVEC: A GREAT SUCCESS!
It is not often that you can say that you were a part of history,
yet everybody that attended the Asian Sky Group Virtual Exhibition
and Conference (ASGVEC) did exactly that. ASGVEC was
the first ever business aviation event to be held in the Metaverse.
The event did not get off to a good start, with technical issues
dogging day one. This was largely due to the sheer number of
people trying to access the event. In the first seven minutes
that the event went live, just under 1,000 people tried to get into
ASGVEC simultaneously. That unprecedented number of people
caused the system to crash, with Asian Sky Group’s CEO Jeffrey
C. Lowe later joking that ASGVEC crashed the internet. Overnight,
Asian Sky Group’s technology partners worked on rolling out a
new version of the platform, so by Day 2 the majority of Day 1’s
issues were fixed.
Whilst that unfortunately meant that the day one conference program
was cancelled, many people stayed in ASGVEC to visit the
exhibition halls. Just under 50 companies signed up to exhibit at the
event, including some of the biggest names in business aviation in
Asia and the world. As well as the exhibition halls, Dassault had created
its own world in ASGVEC, and had photo-realistic models of its
popular Falcon 6X and Falcon 8X on display for attendees to go on
board. These were faithfully recreated from the manufacturer’s own
3D drawings, and were true to life, even down to the double stitching
on the seats. Much like Dassault, Sino Jet also had its own world.
This was a faithful recreation of the company’s Beijing headquarters.
Attendees could visit Sino Jet’s world and feeling like they were walking
through the doors of its headquarters in real life.
As well as exhibition halls and worlds, ASGVEC also included a full
conference program. This was held in the beautiful Atlas Auditorium
– named after a statue appearing in the auditorium lobby. The conference
lasted for four hours each day, with all speakers either being
based in Asia-Pacific or having a close connection to the region.
48 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

EXCLUSIVE: ASGVEC RECAP
“This is a first in aviation. From what I
know, a first in conference and trade
shows. A first in the Metaverse.”
One of the main features of the ASGVEC system itself was just how
interactive it was. Rather than relying on external software or programs
to have conversations, everything needed was built right into
the ASGVEC system. This included the ability to turn on webcams, so
it was very much like having face-to-face conversation with exhibitors
or other attendees.
Following the event we ran a survey, asking attendees to give their
honest feedback about ASGVEC. Overall, attendees were excited to
be part of the event, with the majority saying that they were already
looking forward to the next time that ASGVEC will be held. Other feedback
was that the event should be held every year, as well as earlier
in the day for Asia. But the icing on the cake was that five companies
said that they got new deals and one OEM said that it was following
up on two active sales leads because of the event. That would be a
great result for any event, but for the first time an event has been run
it is not only remarkable, but also shows how much of a need there is
for an event like ASGVEC.
www.asgvec.com
Not only was that great to see, but the show itself was
informative and a much more enjoyable type of conference.
Definitely the way of the future. Thanks.
Founder – Yacht Management
We all loved it! Thanks so much for bringing vision to
virtual reality. It was way beyond our expectations!
Congratulations to your team’s great success!
Chief Executive Officer
Thanks Jeff – I really enjoyed the chance to try something
new and innovative. I also met some new contacts
too! Credit to you and your team for pushing the
envelope. Well done.
Managing Director
The platform is great, fantastic to hear that the platform
had such high engagement yesterday!
Marketing & Communications Manager
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 49

FEATURE: IADA
IADA CELEBRATES 30
YEARS BY BECOMING
A POWERHOUSE IN
AIRCRAFT TRANSACTIONS
By Wayne Starling, Executive Director
The International Aircraft Dealers Association
(IADA) embraces trustworthy international partners
like Asian Sky Group and welcomes them
into its growing global footprint. The organization we
know today as IADA was formed in 1991, when eight of
the United States’ leading aircraft dealers came together
to assure aircraft buyers and sellers of the highest
level of ethics, experience, standards, and trust. It had
a strictly U.S. orientation.
In the Beginning -- 1991
Quoting OGARAJETS’ John Foster, a founding member of the group,
“Everybody was tired of the ‘get rich quick’ people who were coming
into our industry and trying to sell airplanes with far less ethics and a
lot more baloney than you would expect to have. They were giving us
a bad reputation and everyone wanted to be done with them,” he said.
In addition to OGARAJETS, other first year member companies
that are now IADA Accredited Dealers are known today as Gantt
Aviation, Duncan Aviation, JBA Aviation, Leading Edge, General
Aviation Services, QS Partners, and Eagle Aviation. Additional early
members were Jack Prewitt & Associates, Aerosmith Penny, Austin
Jet, Jet Transactions, Jim Markel & Associates, Express One, and
Sacramento Aviation.
Starting the National Aircraft Resale Association (NARA), as IADA was
first known, was tough. It took a huge amount of time away from the
founders’ businesses to get organized, and it cost a lot of money. It
was a challenging time.
“It was hard work. And as they say, it was probably the best of times.
We had great, great synergy amongst us. We were very selective as
to who we offered memberships. We wanted to make sure people had
been in business. They had proven themselves to be good at what
they did. They had the right business ethics and they were the kind of
people we wanted to do business with,” Foster said.
“And the amazing thing we saw then was how much great talent there
was. Some of these people I had done business with. Some I didn’t
know very well at all. It was just amazing how much synergy we had,
and the care for our businesses and the care for our industry, and
what great ideas came from all of these different people,” he added.
That talent pool continues to mature. The organization now is a
worldwide association of the best Aircraft Dealers, Brokers and
aviation Product and Service companies that do business in over 100
countries. The impact on the industry has been profound.
A Dynamo Today
Today, IADA has a thoroughly global view, reflecting its worldwide
impact on the private aircraft transaction industry. IADA has created
and implemented the first accreditation program for aircraft dealers,
administered by an impartial third party to rigorous professional
standards of expertise and ethics. The IADA imprimatur is as
recognized within its industry as the Michelin Guide is to travelers
around the world.
As IADA celebrates its 30th anniversary, it has become a
powerhouse global cooperative network consisting of the world’s
only accredited dealers and IADA-certified brokers, major OEMs
and industry leading verified products and services members. While
IADA’s entry bar is high, there are now nearly 50 IADA-accredited
dealers, over a hundred IADA-certified brokers, more than 60 IADA-
50 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

FEATURE: IADA
All that changed in 2018, when the aircraft transaction organization
entered the global stage by upgrading its name and expanding its approach
to a much wider global platform. The name change actually reflected
the evolving realities of the private jet aircraft transaction marketplace,
as it became truly global over the years.
Now in the year 2021, celebrating its 30th anniversary, what originally
began primarily as that domestic operation has expanded its outreach
to the entire world, wherever private aircraft operate successfully and
change ownership hands with some regularity.
IADA, which began as a way to fight against untrustworthy aircraft dealers,
has undergone transformational changes and now leads the fight
for transparency and integrity in airplane deals from a global platform.
In truth, IADA has become an international force in the aircraft transaction
space.
verified products and services members, and nearly all the major
OEM business aircraft manufacturers.
Comprising only seven percent of the world’s business jet dealers,
IADA dealers buy and sell more aircraft by dollar volume than the
rest of the world’s dealers, averaging over 700 transactions and $6
billion in annual volume. Between April 1, 2020 to March 31, 2021 IADA
members actually registered over 1,200 global transactions, worth
more than $10 billion. Importantly, this occurred during uncertain
economic times in the midst of the Coronavirus pandemic.
Exclusive Online Marketplace
AircraftExchange is IADA’s online marketplace and the industry’s
premier source of exclusive aircraft for sale or lease by IADA dealers.
IADA’s robust listing verification process ensures that, unlike some
other online advertising venues, there are no duplicates, no phantom
listings and no aircraft advertised that are not truly for sale.
IADA and AircraftExchange’s global collective network improves
the efficiency, transparency, integrity, and costs associated with
preowned aircraft transactions. For more info about it, please go to
www.AircraftExchange.com.
IADA U
IADA has also implemented IADA U, an online continuing education
tool to keep certified brokers at the top of their game. Its curriculum
includes coursework developed and taught by expert IADA Products
and Services members who know their subjects inside and out.
IADA Code of Ethics
To become a member of IADA, businesses must agree to committing
themselves to a strict code of conducting business:
All IADA Members,
• Shall create and maintain a reputation for honesty, integrity and
transparency, and shall adhere to the highest ethical standards in
their dealings with other members, their respective clients and all
other parties.
• Shall be committed to constantly improving the quality of their
services, products and operations in order to provide a superior level
of service, knowledge and value to their respective customers.
• Shall accurately represent their authority to show, demonstrate and
sell an aircraft.
• Shall, as expeditiously as possible, submit to the seller all offers
received. Once an offer has been accepted, all prospective purchasers,
if any, will be informed of the accepted offer.
• In attempting to secure an exclusive listing, shall not deliberately
mislead the owner as to the market value of the aircraft.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 51

FEATURE: IADA
• When specifically acting as an exclusive agent for an exclusive buyer
or seller, the member shall not accept commission from more than
one party to a transaction without the full knowledge of the principals
involved in the transaction.
• Shall compensate, directly or indirectly, employees of the parties
to a transaction only with the written knowledge of the subject party.
• Shall present, to the best of their knowledge, accurate specifications of
an aircraft for sale and shall make truthful representations to the public.
• Shall avoid exaggeration, misrepresentation or concealment of all
known pertinent facts relating to a transaction.
• Shall provide a level of competent service in keeping with the highest
standards of business and professionalism in the field of aircraft resale.
• Shall reveal their true ownership or interest in any aircraft they
represent to the purchaser or his or her representative.
• Shall disclose any interest in other entities whose services they
suggest or recommend that a client or owner use and shall disclose any
financial benefit they may receive as a result of the use of those services.
• Shall make full disclosure of charges and costs associated with
any agreement.
• Shall use reasonable care to ensure that documents pertaining to
the purchase and sale of aircraft are kept current through the use of
written extensions and amendments.
Professional Standards for Dealers and Brokers
The dual professional recognition programs – accreditation for
dealers and certification for their brokers – are the backbone of
IADA’s professionalism and rigid standards of ethical behavior. When
business aircraft owners are looking to buy or sell an airplane, the
IADA countenance signals professionalism and expertise.
IADA Members. Once granted initial IADA accreditation, Dealers must
be re-accredited every 3 years. This process enhances marketing
value for the Dealer while providing customers with efficient, ethical
and effective aircraft transactions.
IADA Products and Services Membership
Products and Services members are those companies whose primary
function is related to the support of an aircraft transaction, whether
their expertise is finance, legal, tax, escrow, or maintenance.
The membership application process for Products and Services
membership begins with an applicant completing the standard
application. As part of the application process, the candidate must
have support from at least 3 IADA member sponsors.
IADA Foundation
The IADA Foundation supports philanthropic programs that enhance
the business aviation industry, including providing scholarships for
college students studying for careers in business aviation.
A Collective Force
The International Aircraft Dealers Association is the collective force
influencing and shaping the aircraft transaction industry. It is the
acknowledged leader in developing standards for efficient, effective
and ethical business aircraft transactions, valued by highly skilled
aircraft transaction professionals and viewed by them as crucial to
their success.
Working for business aircraft owners globally, the International Aircraft
Dealers Association provides a facility for professional standards,
ethics and exchange of information among its members and to the
public, for the purpose of creating a more efficient market, facilitating
transactions and providing transparency into the transaction process,
thereby increasing business aircraft ownership and usage worldwide.
IADA Accredited Dealers have earned membership in the International
Aircraft Dealers Association by meeting rigorous standards that
ensure only the most respected and experienced dealers become
www.iada.aero
52 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

DC AviAtion Al-FuttAim unites quAlity mADe in
GermAny AnD ArAbiC HospitAlity
In everything we do, our goal is not only to meet your expectations but to
surpass them. Our unrivalled FBO and VIP hangar facilities located at Dubai South
guarantee your utmost discretion, comfort and convenience every time you fly.
Reach out to the team today to experience our passion for excellence.
T: +971 (0)4 870 1800 | www.dc-aviation.ae | An Al-Futtaim Joint Venture
Al Maktoum International Airport | DWC | Aviation District | Dubai, UAE
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 53

AIRCRAFT SPOTLIGHT: DASSAULT FALCON 6X
DASSAULT AVIATION POSITIONS
FALCON 6X AT TOP OF LONG-RANGE SEGMENT
All-new aircraft designs are relatively rare in the aircraft industry. They must
offer a real advancement in the state of the art to justify the investment. The
all-new Falcon 6X does not disappoint. It is the largest and most comfortable
aircraft in the long-range (more than 5,000 nm-plus/9,260 km) segment, and the most
technologically advanced.
A True Widebody Cabin
The 6X introduces a new standard in long range cabins. With a
width of eight feet six inches (2.58 meters) and height of six feet
six inches (1.98 meters), it has the largest cross section of any
business jet flying. It will be eclipsed in cabin size only by the
Falcon 10X ultra-long-range jet now in development.
The cabin is divided into three living areas, in part so that passengers
on long flights can choose a spot for rest, work or dining. The
6X can carry 16 in comfort, but typical passenger loads will be far
smaller, allowing teams or families to really spread out and relax.
Operators can customize each section according to their tastes,
and also optimize certain areas for the type of mission they will
fly. Those who routinely travel long distances can choose an extended
entryway for more galley storage space and equipment.
Opposite a longer galley, operators can opt for a crew rest area
allowing a resting pilot privacy and the space to lie flat and get
some quality off-duty time.
At the other end of the cabin, operators can opt for private lounge
or stateroom configurations so that passengers can also rest
peacefully and have the privacy to change either into more comfortable
flight attire or business clothes to look sharp upon arrival.
A Healthier Cabin Experience
Aircraft owners and their passengers are much more focused today
on the health aspects of flying. Dassault anticipated these
desires in the design of the 6X. Cabin air is refreshed continuously
and run through hospital-grade HEPA filters for the healthiest
possible experience. Cabin altitude pressurization is maintained
at a low 3,900 feet (1,189 m), when cruising at 41,000 feet
(12,497 m), greatly reducing fatigue.
Dassault plans a cabin as quiet as the ultra-long-range Falcon 8X,
which leads the industry in the sounds of silence. At an average of
49dB, the 8X in flight is as quiet as a living room in the suburbs.
54 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

AIRCRAFT SPOTLIGHT: DASSAULT FALCON 6X
The 6X’s spacious, ultra-widebody flight deck offers more headroom
than the flight deck in any other business aircraft, and 30 percent
more window space than previous models, providing greater
situational awareness in the air and on the ground.
The FalconEye Combined Vision System brings a new dimension
of technology and safety to the 6X. It is the first Head-up Display
(HUD) that combines images from a synthetic vision system (SVS),
derived from database-driven terrain mapping, with images from a
thermal and low-light enhanced vision system (EVS).
An advance in Flight Deck Design
Joined into a single view, FalconEye provides an unprecedented
level of situational awareness to flight crews in challenging weather
conditions and all phases of flight. FalconEye permits approaches
to 100-foot minimums, providing a substantial operational benefit.
Technology and Safety Innovations
The 6X benefits from technology transfer from Dassault’s advanced
Rafale fighter jet, with its finely tuned Digital Flight Control
System. DFCS improves handling, safety, and ride in turbulent
conditions.
The 6X represents Dassault’s latest advance in digital flight control
technology, managing primary and, for the first time, secondary flight
control surfaces such as flaps and flaperons, as well as nose wheel
steering for better tracking in gusty conditions and on wet runways.
Defining New Performance Benchmarks
With its high lift slats and flaps and a new and brawny Pratt &
Whitney Canada PurePower PW812D engines, the 6X continues
the Falcon tradition of strong short field/high and hot runway performance.
Approach speeds can be as low as 109 knots, allowing
operations at short fields under 4,000 feet (1,220 meters). The
new-generation Falcon 6X wing allows for a wide speed envelope
bounded by low-speed approaches and a top speed of Mach .90.
The 13,000- to 14,000-pound thrust P&W Canada PurePower
PW812D turbofan shares the proven, rigorously tested common
core technology used in Pratt & Whitney’s PurePower® family of
geared turbofan commercial engines.
The new PW812D delivers a double-digit increase in fuel efficiency,
with improvements in fuel burn, environmental emissions, engine
noise, and operating costs, setting a new “green” standard
for emissions with the advanced TALON X combustor.
The company estimates a 40 percent reduction in maintenance
costs versus other engines in this class. The 6X will also be able
to fly with a 50/50 mix of sustainable aviation fuel.
The 6X will have the longest range in its class, flying 5,100 nm
(9,445 km) at high-speed cruise of Mach .85, or its 5,500-nm
(10,186 km) maximum at Mach .80. It can fly from Paris to Beijing
or Shanghai to Melbourne at high-speed cruise. Or Beijing to San
Francisco at long-range cruise.
The Category Leader Heads Skyward
Flight testing of the 6X began in March and now three aircraft
are flying in the test campaign, which is expected to wrap up
next year.
Flight tests have also gone “quite smoothly,” with the jets showing
“a high level of maturity relative to this point in a typical test
program,” according to company reports. By early summer, more
than 200 test hours had been flown.
Dassault, which has invested heavily to expand its global service
organization, is training technicians now to care for the new aircraft,
in part by assigning senior techs from around the Dassault
maintenance network to participate in supporting the test fleet.
In recent years the factory service network has added TAG Maintenance
Services and ExecuJet MRO Services to expand service
coverage in Europe, the Middle East and Asia. It has strengthened
spares support, field service and many other aspects of its
vast service organization. As a result, the company now routinely
ranks number one in independent industry surveys.
With certification planned in 2022, big things are ahead for 6X customers.
www.falcon6X.com
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 55

PRE-OWNED MARKET SPOTLIGHT
Citation Sovereign/Sovereign+
Market Analysis by Bowen Zhang
Model Introduction
As a mid-sized jet, the Citation Sovereign borrows from its several successful Citations predecessors. Using the same fuselage cross section from
Citation XLS and Citation X, but with a brand-new wing, the Sovereign was designed to carry more passengers than its smaller siblings (Ideally 5-7
passengers). Over the years it has established its own characters in cabin comfort, maintenance reliability, and needless to say – its remarkable
short field capabilities.
Introduced during the 1998 NBAA, the Sovereign spent six years in development before the first aircraft was finally handed over to the first customer
in 2004. At its time of service entry, the Sovereign had a price tag of $14 million, roughly on par with its competitors of the time – the Hawker 850XP
(and later the Hawker 900XP) and the Gulfstream G150.
The PW306 engines installed on Sovereign offer 6,000 hours TBO (Time Between Overhaul), which is 1,000 hours longer than its main competitor,
the Honeywell TFE731.
The avionics platform on the Sovereign – the Primus Epic suite is the same that Gulfstream used on its G450/G550.
One option for the Citation Sovereign does stand out. Transitional winglets were certified in 2017, offering an additional 300 nautical mile range at a
price of 400,000 USD for modification.
In 2012, with 349 Sovereigns in service, Cessna announced an upgraded version called the Sovereign+, with uprated PW306D engines and a longer
wingspan with what Cessna calls “Swooplets” as opposed to traditional Winglets. A higher maximum fuel capacity helps boost the range of the
Sovereign+ to almost 3,000nm, and the cockpit was modernized with the Garmin G5000 touch-screen avionics platform.
From a market perspective – Cessna Citation Sovereign has always been a great product for continental flyers. It can fly for seven hours non-stop,
with its 3,000nm range being enough to cover most domestic city pairs in the US.
56 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

PRE-OWNED MARKET SPOTLIGHT: CITATION SOVEREIGN/SOVEREIGN+
RANGE MAP FROM NORTH AMERICA
CESSNA CITATION SOVEREIGN
7:15 HOURS
MAX ENDURANCE
AIRCRAFT DELIVERIES
Much like with the rest of the Citation line of business jets, the US
market has always been strong for Citation sales. Overall, 71% (318
aircraft) of all Sovereigns and Sovereign+ aircraft globally were delivered
to customers in the US.
The Sovereign has not been as successful in Asia-Pacific, partly due
to regional preferences for larger cabin aircraft, but also because
the Sovereign’s range means it would be difficult to fly international
routes in the region.
According to Amstat, NetJets is one of the largest operators of the
Citation Sovereign, with 38 aircraft currently in its fleet.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 57

PRE-OWNED MARKET SPOTLIGHT: CITATION SOVEREIGN/SOVEREIGN+
FLEET AGE DISTRIBUTION
Citation Sovereign
Citation Sovereign+
80
70
60
50
40
30
20
10
0
2004
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2016 2017 2018 2019 2020 2021
REGIONAL DISTRIBUTION
Citation Sovereign
Citation Sovereign+
N. America
261
74
A./C. America
31
11
W. Europe
19
7
Mid. East/Africa
19
1
Asia
10
2
E. Europe/W. Asia
3 2
Australia/Oceania
4 1
0
50 100 150 200 250 300 350 400
58 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

PRE-OWNED MARKET SPOTLIGHT: CITATION SOVEREIGN/SOVEREIGN+
OPERATING COST
According to Conklin & de Decker, for 500 hours flight time per year,
the Citation Sovereign’s hourly variable cost is around $4,500 USD per
flight hour. For the Sovereign+, it’s slightly less at around $4,400 USD
per flight hour.
Taking market depreciation into account, the annual fixed cost for the
Citation Sovereign is around $3.5M USD and due to a higher slope
of depreciation rate for newer aircraft, for the Sovereign+ model it is
$4.3M USD per year.
Hourly Variable Cost
Fuel Maintenance Engine Reserves Miscellaneous Reserves
Cessna Citation Sovereign
$4,504/hr
$694/hr $1,323/hr $765/hr $1,722/hr
Cessna Citation Sovereign+
$4,392/hr
$677/hr $1,241/hr $738/hr $1,736/hr
$0 $2,000 $4,000 $6,000
Total Annual Cost With Market Depreciation
Variable Cost
Fixed Cost
Market Depreciation
Cessna Citation Sovereign
$3,523,910
$2,252,000 $782,310 $489,600
Cessna Citation Sovereign+
$4,346,972
$2,196,000 $809,332 $1,341,640
$0 $2,000 $4,000 $6,000
PRE-OWNED MARKET
For the past five years the Sovereign market has been very active for
both the baseline version, as well as the Sovereign+. Inventory levels
have varied from a high of over 30 fleet for sale, to a current low of just
over 10 aircraft for sale – vs. over 440 total fleet in operation currently.
On average there have been around three Sovereign transactions completed
each month, with demand being stable and high.
Another way of putting its market condition is that due to a high market
demand, its supply varies from a high of 9.1% of the total fleet, to a current
new low of just over 3%. Looking at the inventory value chart, you
could notice that the inventory value has been quickly consumed since
Q3 2020, similar to the market for the Gulfstream G550.
Due to natural aging and depreciation, the average asking prices for
Sovereign’s has varied from $8 million USD in Q3 2016, to lower than
$6 million today. As we entered into a sellers’ market we’ve seen newly
listed Sovereign being labeled with relatively higher pricing, which
caused the asking price to be slightly increased.
For the Sovereign+ model, due to fewer aircraft being put on market
for sale (on average four listings per month, with a high of ten aircraft)
and fewer asking price points available, its market has not been as
active as its older model, and we’ve seen less transactions completed
per month.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 59

PRE-OWNED MARKET SPOTLIGHT: CITATION SOVEREIGN/SOVEREIGN+
CITATION SOVEREIGN AVERAGE ASKING PRICE TREND
Cit. Sovereign For Sale
Cit. Sovereign Average Asking
Cit. Sovereign+ For Sale
Cit. Sovereign+ Average Asking
16
120
(USD Millions)
14
100
Average Asking Prices
12
10
80
60
# of aircraft for Sale
8
40
6
4
20
2
0
2021/09
2021/06
2021/03
2020/12
2020/09
2020/06
2020/03
2019/12
2019/09
2019/06
2019/03
2018/12
2018/09
2018/06
2018/03
2017/12
2017/09
2017/06
2017/03
2016/12
2016/09
60 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

PRE-OWNED MARKET SPOTLIGHT: CITATION SOVEREIGN/SOVEREIGN+
CITATION SOVEREIGN INVENOTRY MARKET VALUE
Cit. Sovereign Transactions Total
Cit. Sovereign Inventory Value
Cit. Sovereign+ Inventory Value
250
30
USD Millions
200
25
Inventory Value
(avg Asking Price x # of Aircraft for Sale)
150
100
20
15
10
Total Transactions
50
5
0
0
2021/09/01
2021/06/01
2021/03/01
2020/12/01
2020/09/01
2020/06/01
2020/03/01
2019/12/01
2019/09/01
2019/06/01
2019/03/01
2018/12/01
2018/09/01
2018/06/01
2018/03/01
2017/12/01
2017/09/01
2017/06/01
2017/03/01
2016/12/01
2016/09/01
SUMMARY & FORECAST
Cessna ceased Citation Sovereign+ production in 2021, so aging
could be an potential issue for future residual values of the aircraft
currently in service. With the Sovereign+’s successor, the Citation Latitude,
seeing its first deliveries in 2014, we could possibly foresee a
market demand shift. However, given its robust design and capabilities
amongst its class, the Sovereign series will continue to be popular
in the market.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 61

MARKET DYNAMICS
PRE-OWNED BUSINESS JET MARKET Q3 2021
Understanding the market dynamics graphs:
The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms. 2
The Signal Line represents an indication of where the market’s direction may be heading in the future.
WORLDWIDE
INVENTORY VALUE (USD) 1
$6,071M
$1,332M
ASIA PACIFIC
$4,482M
$603M
MARKET TREND 1 WORLDWIDE
MOVING TOWARDS SELLER’S MARKET
TREND REVERSAL
MOVING TOWARDS BUYER’S MARKET
AIRCRAFT TRANSACTIONS 1 WORLDWIDE
114
81
50
51
64
52
34 34
41
35
46
68
44
51
47
63
43
50
41 36
60
50 53
44
50
72
50 50 50
57 55 50 50 50 50 50
22
Sep
2018
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2019
2020
2021
1 The historical inventory value and transactions are subject to change based on latest market information updates.
2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 39 different models, multiplied by their average asking prices.
62 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET DYNAMICS
WORLDWIDE % OF FLEET SOLD
1.40%
1.35%
1.30%
1.25%
1.20%
1.15%
1.10%
1.05%
1.00%
0.95%
0.90%
0.85%
0.80%
0.75%
0.70%
0.65%
0.60%
0.55%
0.50%
0.45%
0.40%
0.35%
0.30%
0.25%
0.20%
Sep
2018
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
AVERAGE ASKING PRICE
MILLION USD
28
26
24
ASIA PACIFIC
22
20
18
16
14
12
WORLDWIDE
10
Aug
2018
Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb
2019
2020
2020
Apr
Jun
Aug
% OF FLEET FOR SALE
10%
9%
ASIA PACIFIC
8%
7%
6%
WORLDWIDE
5%
4%
3%
Sep
2018
AVERAGE DAYS ON MARKET
550
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
500
450
400
ASIA PACIFIC
350
300
250
WORLDWIDE
200
Sep
2018
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 63

MARKET DYNAMICS
SUPPLY / DEMAND INDICATORS
BUSINESS JETS
SUPPLY VS. DEMAND RATIO
AVERAGE DAYS ON MARKET
SUPPLY
>
DEMAND
AVERAGE
% OF FLEET
FOR SALE
MODEL
AVERAGE
DAYS ON MARKET
NO TRANSACTIONS
NO TRANSACTIONS
NO TRANSACTIONS
NO TRANSACTIONS
450% 400% 350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
10.5%
2.8%
4.8%
6.8%
9.1%
2.2%
1.1%
4.5%
5.6%
1.8%
5.6%
9.9%
8.6%
3.9%
4.6%
2.5%
1.4%
0.4%
3.1%
1.5%
1.8%
0.0%
5.0%
6.7%
2.6%
4.7%
ACJ318
ACJ319
ACJ320
BBJ
BBJ2
CL300
CL350
CL604
CL605
CL650
CL850
GL Express
GL XRS
GL5000
GL6000
CIT. CJ3
CIT. CJ4
CIT. Latitude
CIT. Sovereign
F2000LX
F2000LXS
F2000S
4.8% F7X
4.1%
4.2%
F8X
F900DX
4.2% F900EX
4.2%
2.5%
7.5%
4.2%
5.4%
4.5%
5.0%
3.3%
2.7%
3.7%
Average
F900EXe
F900LX
L1000
L600
L650
Phenom 300
G200
G280
G450
G500
G550
G650
G650ER
0 200 400 600 800 1000
The above chart reflects where certain aircraft models are positioned in
terms of supply and demand (based on a ratio of completed transactions
compared to the number of sellers and the average number of days on the
market for a transaction to take place).
For some model types, given the market indicators shown on the
previous page, the stabilization in pre-owned asking prices and decline
in inventory level appear to have stimulated increased demand, leading
to an increase in transactions and a more balanced state of supply and
demand.
These indications do not necessarily mean that prices will be higher in the
future, but it does indicate that sellers of these particular models are more
likely to find willing buyers in a shorter period of time than the overall average.
This can be seen most with certain Gulfstream (G200, G450, G550, G650),
Bombardier models (Challenger 604/605 & Global 5000) and Dassault
Falcon models (2000 Series and 7X), where more transactions are
occurring relative to the number for sale, and transactions are requiring
less time on the market for sellers to complete.
64 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET DYNAMICS
MARKET POSITIONING
BUSINESS JETS
ACJ318
ACJ319
ACJ320
BBJ 1
BBJ 2
CL300
CL350
CL604
CL605
CL650
CL850
GL Express
GL XRS
GL5000
GL6000
CIT. CJ3
CIT. CJ4
CIT. Latitude
CIT. Sovereign
F2000LX
F2000LXS
F2000S
F7X
F8X
F900DX
F900EX
F900EXe
F900LX
L1000
L600
L650
Phenom 300
G200
G280
G450
G500
G550
G650
G650ER
MOVING TOWARDS
BUYER’S MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLER’S MARKET
The above chart provides a visual representation of the Supply /
Demand Ratio of each aircraft model relative to the overall market,
and is based on a ‘Marketability’ calculation for each particular model
including the following four market indicators:
When taking into account these four factors, most of the the large and
medium sized jets, such as Challenger 600, Falcon 2000 & 900 Series,
as well as the various Gulfstream models, appear better positioned to
find buyers available, compared to corporate airliner models.
1. The percentage of aircraft for sale relative to its fleet size.
2. The number of aircraft sold relative to the average number for sale.
3. The average days for sale relative to the overall market average.
4. The momentum of the marketplace (represented by the trend
towards supply and demand market equilibrium portrayed earlier).
* Since 2019 Q3, ASG expanded its market research scope to include
39 business jet models including light jet models as described in the
report.
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 65

PRE-OWNED HELICOPTERS MARKET Q3 2021
Understanding the market dynamics grpahs:
The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms. 2
The Signal Line represents an indication of where the market’s direction may be heading in the future.
INVENTORY VALUE (USD) 1
$1,368M
WORLDWIDE
ASIA PACIFIC
$878M
$140M
$131M
MARKET TREND 1 WORLDWIDE
MOVING TOWARDS SELLER’S MARKET
MOVING TOWARDS BUYER’S MARKET
AIRCRAFT TRANSACTIONS 1 WORLDWIDE
44
48
23 23
22
24
24
18
34
32
35
27 28 16
22
16
24
33
26
30
24
28
19
22
20
28
21
21
33
35
21
22 21
22
21
13
6
Sep
2018
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2019
2020
2021
1 The historical inventory value and transactions are subject to change based on latest market information updates.
2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 39 different models, multiplied by their average asking prices.
66 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET DYNAMICS
% OF AC SOLD / TOTAL AC IN OPERATION
0.45%
0.40%
0.35%
0.30%
0.25%
0.20%
0.15%
0.10%
0.05%
0.00%
Sep
2018
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
AVERAGE ASKING PRICE
MILLION USD
3.6
3.4
3.2
ASIA PACIFIC
3.0
2.8
2.6
WORLDWIDE
2.4
2.2
2.0
Sep
2018
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
% OF AC FOR SALE
5.0%
4.5%
WORLDWIDE
4.0%
ASIA PACIFIC
3.5%
3.0%
2.5%
2.0%
1.5%
AVERAGE DAYS ON MARKET
1050
Sep
2018
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
950
850
ASIA PACIFIC
750
650
WORLDWIDE
550
450
350
Sep
2018
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019
2020
2021
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 67

MARKET DYNAMICS
MARKET POSITIONING
HELICOPTERS
SUPPLY VS. DEMAND RATIO
SUPPLY / DEMAND INDICATORS
SUPPLY
> DEMAND
DAYS ON MARKET
AVERAGE
% FOR SALE MODEL
0.7%
EC145
AVERAGE
1.6%
H125
1.6%
H130
0.4%
H145
NO TRANSACTIONS
8.6%
H155
2.5%
EC135P2
0.7%
EC135T2
-%
EC155B
4.4%
BELL
206JETRANGER
4.2%
BELL
206LONGRANGER
3.3%
BELL 407
4.0%
BELL 412EP
2.2%
BELL 412HP
1.3%
BELL 429
3.5%
AW109SP GN
3.1%
AW139
9.8%
S76C+
350% 300% 250% 200% 150% 100% 50% 0
Average AC for sale / Total sold in last 12 months
3.39%
Average
0 100 200 300 400 500
Average Days for Sale on Market
600 700 800
The above chart reflects where certain aircraft models are positioned in terms of supply and demand (based on a ration of completed
transactions compared to the number of sellers, and average number of days on the market for a transaction to take place).
68 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET DYNAMICS
MARKET POSITIONING
HELICOPTERS
MOVING TOWARDS
BUYER’S MARKET
Balanced
Supply & Demand
MOVING TOWARDS
SELLER’S MARKET
EC145
H125
H130
H145
H155
EC135P2
EC135T2
EC1558
BELL 206JETRANGER
BELL 206LONGRANGER
BELL 407
BELL 412EP
BELL 412HP
BELL 429
AW109SP GN
AW139
S76C+
The above chart provides a visual representation of the Supply / Demand Ratio of each aircraft model relative to the overall market, resulting in a
‘Marketability’ calculation of each particular model based on the following four market indicators:
1. The percentage of aircraft for sale relative to its fleet size.
2. The number of aircraft sold relative to the average number for sale.
3. The average days for sale relative to the overall market average.
4. The momentum of the marketplace (represented by the trend towards supply and demand market equilibrium portrayed earlier).
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 69

70 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
AIRCRAFT POSITIONING - BUSINESS JET
AIRCRAFT ACQUISITION VS. MAX RANGE
CORP. AIRLINER
LONG RANGE
LARGE
MEDIUM
LIGHT
VERY LIGHT
F2000
LINEAGE 1000E
GLOBAL 5000
G300
CL604
F900EX
BBJ3
BBJ2
ACJ321
ACJ320
G-IVSP
F2000EX
ACJ318 G500
BBJ MAX 9
BBJ MAX 8
ACJ319
F8X
ACJ320 NEO
ACJ319 NEO
G650
G650ER
GLOBAL 6000
G600
F7X
GLOBAL 5500
G550
BBJ
22
21
20
19
18
17
16
15
14
13
12
11
10
CIT. BRAVO
CIT. EXCEL
H400XP
H800
CIT. XLS
CIT. ULTRA
CIT. LATITUDE
CIT. SOVEREIGN+
CIT. XLS+
CIT. CJ4
CIT. CJ3+
CIT. VII
L70
L75
L45XR
LEGACY 600
LEGACY 500
CL850
CIT. X+
LEGACY 450
H850XP
ASTRA SP
L40XR
PHENOM 300
CIT. ENCORE+
CIT. LONGITUDE
F2000S
CL350
G280
CL300
CIT. X
H4000
G350
CIT. SOVEREIGN
G150
H900XP
H800XP
CIT. CJ4 GEN2
LX60XR
G100
G-IV
F2000LXS
CL650
LEGACY 650
F900EX EASY
PRAETOR 600
F2000LX
CL605
F2000DX
F50EX
PRAETOR 500
G200
G450
F900LX
F6X
G-V
G700**
GLOBAL EXPRESS XRS
F10X**
GLOBAL EXPRESS
9
8
7
6
4
3
TOTAL ANNUAL COST (MILLION USD/YEAR)
PREMIER 1A
CIT. M2
CIT. CJ1+
CIT. CJ1
HONDAJET
CIT. CJ2+
CIT. CJ3
CIT. CJ2
PHENOM 100E
NEXTANT 400XTI
CIT. ENCORE
HONDAJET ELITE
2
CIT. MUSTANG
ECLIPSE 550
VISION SF50 G2
VISION SF50
500
Source: Conklin & de Decker
1,000
1,500
2,000
MAX RANGE (N.M.)
*Total Yearly Cost estimated using includes Conklin & de Decker industrial cost figures (2021) for aircraft acquisition cost on 10 years, plus yearly operating cost.
**Under development, preliminary data provided by OEM.
(‘xx) - Year aircraft model ceased production.
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
9,000
9,500
10,000
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 71
1

MARKET SUMMARY PER MODEL — BUSINESS JETS
INVENTORY LEVEL, PRICE TREND & TRANSACTIONS
ACJ318, ACJ319 & ACJ320
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
ACJ318
4,253 N.M. /7,877 km
Mach 0.82
19
ACJ319
6,000 N.M. /11,112 km
Mach 0.82
19
ACJ320
5,250 N.M. /9,723 km
Mach 0.82
19
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun 2021 Sep 2021 Jun
2 (10.5%) 3 (15.8%) 2 (2.8%) 2 (2.8%) 1 (4.8%) 1 (5.6%)
22.0M USD 22.0M USD 39.5M USD 39.5M USD 39.5M USD 39.5M USD
482 276
747 655
1,115 1,023
TRANSACTION
Past 12 Months
Past 3 Months
2021 Jun 2021 Mar 2021 Jun 2021 Mar 2021 Jun 2021 Mar
2
2
2
1
0
0
0
0
1
1
0
0
Average Asking Price
ACJ318
ACJ319
ACJ320
Average
$46.9
$45.5
$42.0 $42.0 $42.0
$39.5
$39.5
$39.5 $39.5 $39.5
$39.5
$39.5 $39.5
$25.2 $25.2 $25.2
$23.0 $22.0 $22.0
$26
For Sale vs. Sold
Sold For Sale
1
1
1 1
1
1
10 9 9 8 8 8 8 8 7 7 7 7 7 6 7 7 7 5 5 7 6 6 5 5 5
Market Indicators (vs. Last Quarter)
ACJ318
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
ACJ319
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
ACJ320
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
FEATURED AIRCRAFT
BBJ 787-8
TOTAL HOURS: DELIVERY HOURS
TOTAL CYCLES: DELIVERY CYCLES
• Interior Completed 2019
• Brand New Aircraft with Delivery Hours & Cycles Only
• One of the Longest Ranged Business Jet - Capable of Flying 16 Hours
Non-stop
• 39 Passenger VVIP Configuration, with 2,415 square feet (224 square
meters) Living Space including: a Master Suite, VIP Lounge, Dining
Lounge, Business Class, Fwd & Aft Galley, Crew Rest Area and a gym.
• Aero H+ Satcom w/ Ku-Band High Speed Internet
• State-of-the-art avionics, including: New, Latest Generation FMC; SELCAL,
ADS, FANS-1 & CPDLC; Dual Head-Up Displays; Weather Radar, TCAS &
TAWS; Approved For GLS II Approaches
72 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
BBJ & BBJ2
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
BBJ
6,235 N.M. / 11,547 km
Mach 0.82
19
BBJ2
5,620 N.M. / 10,408 km
Mach 0.82
19
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun
9 (6.8%) 7 (5.3%) 2 (9.1%) 2 (9.1%)
15.5M USD 19.0M USD 29.0M USD 59.5M USD
239 308
121 246
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun 2021 Sep 2021 Jun
2
2
1
1
0
1
0
0
Average Asking Price
$90.0 $90.0 $90.0 $90.0 $90.0
BBJ2
BBJ
Average
$59.5
Market Indicators (vs. Last Quarter)
BBJ
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
$52.5
$43.6
$29.0
BBJ2
Transaction Level (Past 12 Months)
$26.2
$20.9
$28.5
$17.0 $15.5
Inventory Level
Average Asking Price
For Sale vs. Sold
Sold For Sale
Average Days on Market
1
1
1
1
1
2
1
1
1
1
9
9 7 7 11 11 12
9 10 7 7 7 7 7 7 8 9 9 9 10 9 9 9 11 11
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 73

MARKET SUMMARY
CHALLENGER 300 & 350
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
CL300
3,340 N.M. /6,185 km
Mach 0.82
19
CL350
3,421 N.M. /6,335 km
Mach 0.82
19
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun
10 (2.2%)
9.8M USD
189
19 (4.2%)
7.5M USD
118
4 (1.1%)
16.8M USD
115
4 (1.1%)
16.3M USD
75
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun 2021 Sep 2021 Jun
45
16
29
12
18
6
12
3
Average Asking Price
CL350
Market Indicators (vs. Last Quarter)
$16.2
$15.5
$14.7
$13.9
$15.5
CL300
Average
$16
$16.8
CL300
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
$10.0
$8.8
$7.6 $7.9
$8.8
$8.1
$9.8
CL350
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
For Sale vs. Sold
Average Days on Market
Sold
For Sale
5
1
3
1
11
1
1
5
1 2
6
5
1 4 7
5
1
3
6
4
6
5
8
6
8
37 35 36 38 35 33 34 42 40 40 38 36 35 31 31 29 25 27 25 25 21 23 17 14 14
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
74 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
CHALLENGER 604, 605 & 650
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
CL604
4,027 N.M. / 7,458 km
Mach 0.82
9
CL605
4,123 N.M. / 7,635 km
Mach 0.82
9
CL650
4,123 N.M. / 7,635 km
Mach 0.82
10
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun
16 (4.5%)
4.9M USD
262
21 (5.9%)
4.5M USD
214
16 (5.6%)
6.9M USD
264
19 (6.6%)
7.4M USD
242
2021 Sep
2 (1.8%)
16.5M USD
85
2021 Jun
2 (1.8%)
16.5M USD
190
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun 2021 Sep 2021 Jun
56 44
40 33
12 18
7
3
2021 Sep
6
1
2021 Jun
5
2
$18.2
Average Asking Price
$17.5
CL650
CL605
CL604
Average
$17.0 $17.0 $16.5 $16.5 $16.5
Market Indicators (vs. Last Quarter)
CL604
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$11.8
$10.9
$9.8
$8.9 $8.7
$7.5
$6.9
Average Days on Market
CL605
Transaction Level (Past 12 Months)
$5.0
$4.9
$4.8 $4.4 $4.2 $4.5 $4.9
Inventory Level
Average Asking Price
For Sale vs. Sold
Average Days on Market
5
Sold
7
7
For Sale
6 8
3
4
4
6
1 5 2
8
8
14
18
4
5
10
7
7
9
7
4
9
CL650
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
46 46 46 48 50 52 56 62 65 67 67 66 75 72 69 59 55 53 48 47 45 42 39 38 34
Average Days on Market
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 75

MARKET SUMMARY
CHALLENGER 850
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$8.4
Inventory Level
$7.2
$6.8 $6.8
Average Asking Price
Average Days on Market
$4.7 $4.8
For Sale vs. Sold
$4.5
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
6,750 N.M. / 12,501 km
Mach 0.87
18
Sold
For Sale
1 1
1
1
1
1
1
2
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
5 (5.6%) 6 (6.7%)
4.8M USD 4.7M USD
670 518
1
1
1
1 1
1
TRANSACTION
2021 Sep 2021 Jun
8
9 10 10 11 10 11 12 13 14 14 15 15
12 13 12 11 9 9 7 6 6 6 6 5
Past 12 Months
Past 3 Months
7
3
4
2
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
76 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
GLOBAL EXPRESS, 5000, XRS & 6000
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
GLOBAL 5000
5,350 N.M. / 9,908 km
Mach 0.82
13
GLOBAL EXPRESS
6,125 N.M. / 11,343 km
Mach 0.82
13
GLOBAL XRS
6,226 N.M. / 11,520 km
Mach 0.82
13
GLOBAL 6000
6,080 N.M. / 11,260 km
Mach 0.82
13
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun
9 (3.9%)
14.0M USD
337
14 (6.0%)
16.6M USD
387
14 (9.9%)
9.4M USD
593
14 (9.9%)
7.4M USD
562
2021 Sep 2021 Jun
14 (8.6%) 20 (12.3%)
15.0M USD 14.4M USD
330 310
2021 Sep
15 (4.6%)
23.6M USD
380
2021 Jun
23 (7.1%)
25.0M USD
360
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun 2021 Sep 2021 Jun
24 15
15 11
9
1
4
2
2021 Sep
15
5
2021 Jun
10
4
2021 Sep
32
8
2021 Jun
24
6
Average Asking Price
GL EXPRESS
GL6000
Market Indicators (vs. Last Quarter)
GL XRS
GL5000
Average
GLOBAL 5000
Transaction Level (Past 12 Months)
$32.2
$33.5
$30.3 $30.8
Inventory Level
Average Asking Price
$32.0
$29.2
$16.5 $16.4 $16.4
$27.2
$14.6
$25.0
$16.2
$23.6
$15.0
Average Days on Market
GLOBAL EXPRESS
Transaction Level (Past 12 Months)
Inventory Level
$16.9
$10.2
$9.3
For Sale vs. Sold
$15.6
$8.2
$14.9 $14
$14
$7.7 $7.7 $7.7
$14.0
$9.4
Average Asking Price
Average Days on Market
GLOBAL XRS
Transaction Level (Past 12 Months)
8
Sold For Sale
6 10 6 8 1
3
9
3 3 4
8 6
7 7
13
6
9 3 5
5 5
11
10
5
Inventory Level
Average Asking Price
Average Days on Market
68
66 61 65
61 64 70 73 78 77 75 81 82 79 81 80 69 73 70 79 73 71 63 56 52
GLOBAL 6000
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Average Days on Market
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 77

MARKET SUMMARY
CITATION CJ3 & CJ4
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
Cit. CJ3
1,891 N.M. / 3,502 km
Mach 0.73
6
Cit. CJ4
1,991 N.M. / 3,687 km
Mach 0.77
7
2021 Sep 2021 Sep
SUPPLY
2021 Jun 2021 Jun
Sold For Sale
12 17
5
5
8
5 8 4
14
6
10 8 13 7
10
8
No. for Sale
15 (2.5%) 19 (3.2%) 5 (1.4%) 6 (1.8%)
Avg Asking Price 5.6M USD 2.5M USD 6.9M USD 6.6M USD
Avg Days on Market 205 240
175 158
TRANSACTION 2021 Sep 2021 Jun 2021 Sep 2021 Jun
Past 12 Months 34 34
39 31
Past 3 Months 0
8
8
13
Average Asking Price
CJ4
CJ3
Average
$7.0
$6.1 $6.3
$5.7
$5.2
$5.6
$4.8
$4.2 $4.1
$4.4 $4.3
$2.6
For Sale vs. Sold
9
17
1 3
3
1
4
$6.9
$5.6
3 1
Market Indicators (vs. Last Quarter)
Cit. CJ3
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
Cit. CJ4
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
50
54 62 61
62 70 69 74 74 81 76 72 73 63 60 52 37 34 34 32 26 25 24 17 20
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
78 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
CITATION LATITUDE
Average Asking Price
Market Indicators (vs. Last Quarter)
$13.4
$13.0
$12.0
$12.7
$13.5 $13.5
$11.5
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
2,870N.M. / 5,315 km
Mach 0.80
9
2
Sold
1
1
For Sale
2
2
1 1 1
3
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
1 (0.4%) 2 (0.8%)
11.5M USD 13.5M USD
26 150
5
7 6 6
1
8 7 5 5 5 6 6 6 6 7 7 7 6 7 6 3 2 2 1
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
1
1
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun
9 8
1 2
CITATION SOVEREIGN
Average Asking Price
Market Indicators (vs. Last Quarter)
$7.6
$6.9
$6.7
$7.0
$6.6
$6.6
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
$5.9
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
3,010N.M. / 5,574 km
Mach 0.80
9
Sold
2
2
24 19
1
24
For Sale
8
24
4
22
4
4 1 1 1
25 27 29 30 32 36 36 38
1
4
7
11
1 3
2 2
33 35 33 24 21 24 23 21 20 17 16 14
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
TRANS-
Past ACTION 12 Months
Past 3 Months
2021 Sep 2021 Jun
14 (3.1%) 20 (4.5%)
6.6M USD 6.1M USD
291 250
2021 Sep 2021 Jun
19 19
0 2
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 79

MARKET SUMMARY
FALCON 900DX/EX/EX EASy/LX
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
F900DX
4,100 N.M. /7,593 km
Mach 0.83
12
F900EX
4,500 N.M. /8,334 km
Mach 0.83
12
F900EX EASy
4,500 N.M. /8,334 km
Mach 0.83
12
F900LX
4,750 N.M. /8,800 km
Mach 0.83
12
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun 2021 Sep 2021 Jun 2021 Sep 2021 Jun
1 (4.2%) 0 (0.0%) 5 (4.2%) 10 (8.5%) 5 (4.2%) 6 (5.0%) 4 (5.0%) 4 (5.0%)
10.3M USD 0.0M USD 8.6M USD 7.8M USD 12.8M USD 13.7M USD 17.5M USD 17.5M USD
26 0
235 165
202 268
218 214
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun 2021 Sep 2021 Jun 2021 Sep 2021 Jun 2021 Sep 2021 Jun
2
2
11 7
13 11
6
4
0
1
4
3
2
3
2
2
Average Asking Price
F900EX EASy
F900EX
Market Indicators (vs. Last Quarter)
F900LX
F900DX
Average
F900DX
Transaction Level (Past 12 Months)
Inventory Level
$23.9
$21.0
$15.9
$14.5
$12.4 $12.7
$7.5 $6.9
$21.0 $21.0
$13.7 $12.6
$12.5 $12.1
$8.2 $7.5
$19.5
$17.5 $17.5
$12.3
$11.7
$13.7 $12.8
$10.3
$7.8 $7.8
$8.6
Average Asking Price
Average Days on Market
F900EX
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
F900EX EASy
Transaction Level (Past 12 Months)
For Sale vs. Sold
Inventory Level
Sold
For Sale
Average Asking Price
2
2
4
1
8 1
1
1 2 2 1
5 3
2
7
3
1
1
1
3 4
2 5
2
1
Average Days on Market
F900LX
Transaction Level (Past 12 Months)
Inventory Level
15 16 21 20 22 29 32 31 28 27 26 24 26 25 21 20 23 18 18 20 19 20 18 13 15
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Average Asking Price
Average Days on Market
Source: AMSTAT & ASG
80 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
FALCON 2000LX/LXS/S
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
F2000LX
4,000 N.M. /7,408 km
Mach 0.83
10
F2000LXS
4,000 N.M. /7,408 km
Mach 0.83
10
F2000S
3,350 N.M. /6,208 km
Mach 0.83
10
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun 2021 Sep 2021 Jun
2 (1.5%)
9.1M USD
181
3 (2.3%)
9.1M USD
73
2 (1.8%)
21.4M USD
473
6 (5.6%)
20.3M USD
378
2021 Sep 2021 Jun
0 (0.0%) 1 (2.3%)
0.0M USD 27.7M USD
0
21
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun 2021 Sep 2021 Jun
14 12
11 11
2
2
0
5
2021 Sep
1
1
2021 Jun
0
0
Average Asking Price
$27.7 $27.7 $27.7
$22.6 $22.3 $21.8 $21.5
F2000S
F2000LXS
F2000LX
Average
$27.7 $27.7
$19.9 $20.3
$21.4
Market Indicators (vs. Last Quarter)
F2000LX
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
$14.2
$15.0
$12.5
$12.5
$10.8
$9.1
$9.1
F2000LXS
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
1
For Sale vs. Sold
Sold For Sale
2 2
1 1
1
1
3
3
3
2
1
4
4
3
2
1
F2000S
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
12
14 16 16
16 16 15 16 16 17 15 15 15 20 16 15 13 8 13 11 10 10 6 4 4
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 81

MARKET SUMMARY
FALCON 7X
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$24.1
Average Days on Market
$22.6
$22.5
$23.3
$21.1
$20.0
$20.6
PERFORMANCE
Max Range
Max Speed
5,950 N.M. / 11,018 km
Mach 0.90
For Sale vs. Sold
Typ. Passengers
12
Sold For Sale
6
2 1
5
1
2
1 2
1
2
0 1
1
3
3 2
1 1
1
1
1 2 1
19 18 14 15 20 22 20 24 26 15 19 20 19 20 24 19 13 15 17 18 17 19 15 14 14
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
14 (4.8%) 19 (6.6%)
20.6M USD 22.4M USD
344 286
TRANSACTION 2021 Sep 2021 Jun
Past 12 Months
Past 3 Months
22
4
18
4
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
82 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
PHENOM 300
Average Asking Price
Market Indicators (vs. Last Quarter)
$6.9
$7.1
$6.7
$6.8
$6.9
$6.9
$6.7
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
1,242 N.M. / 2,300 km
Mach 0.78
5
5
Sold
3 3 2
For Sale
3
1
2
2
7 3
5
2 1
5
9
3
4
6
6
6
2
5
5
5
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
15 (2.5%) 24 (4.0%)
6.7M USD 7.0M USD
372 354
22
22 22
22
22 27 28 33 35 36 38 35 38 42 41 38 36 31 28 30 25 24 23 15 15
TRANSACTION 2021 Sep 2021 Jun
Past 12 Months
Past 3 Months
59
15
44
14
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
LEGACY 600/650
Average Asking Price
L650
Market Indicators (vs. Last Quarter)
L600
Average
Transaction Level (Past 12 Months)
L600
L650
$15.1 $14 $15.0
$15.0
$13.1
$11.0
$13.5
Inventory Level
Average Asking Price
Average Days on Market
$4.7
$5.3
For Sale vs. Sold
Sold For Sale
$7.8 $7.8 $7.1 $7.7 $7.4
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
L600 L650
3,400 N.M. 3,640 N.M.
6,297 km 7,112 km
Mach 0.80 Mach 0.80
13 13
2 2
1
3
2
3
3
1
1 4
2
5
1
2
1
2
5
1
3
5
1
2
2
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Sep | Jun
5 | 9
7.4M USD
7.7M USD
622 | 411
Sep | Jun
5 | 6
13.5M USD
11.0M USD
212 | 172
21 22 21 25 23 19 22 24 21 19 17 15 15 17 17 16 18 17 18 15 15 15 11 12 10
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION Sep | Jun Sep | Jun
Past 12 Months
Past 3 Months
21 | 18
3 | 7
9 | 7
2 | 2
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 83

MARKET SUMMARY
LINEAGE 1000/E
Average Asking Price
Market Indicators (vs. Last Quarter)
$20.6
$20.5
Transaction Level (Past 12 Months)
Inventory Level
$18.3 $17.7
Average Asking Price
$14.9
Average Days on Market
$7.5 $7.5
PERFORMANCE
Max Range
4,400 N.M. / 8,149 km
Max Speed
Mach 0.82
For Sale vs. Sold
Typ. Passengers
19
Sold
For Sale
SUPPLY
2021 Sep 2021 Jun
No. for Sale
2 (6.7%)
4 (13.3%)
1
Avg Asking Price
14.9M USD
7.5M USD
1
Avg Days on Market
1,112
811
1
TRANSACTION
2021 Sep 2021 Jun
Past 12 Months
1
1
8
9 10
10
7 6 6 6 5 5 4 4 4 4 4 4 4 4 3 4 4 4 2 2 2
Past 3 Months
0
1
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
84 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
G200
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$4.0
$4.0
$4.1
$3.7
$3.6
$3.6
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
$3.3
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
3,050 N.M. / 5,651 km
Mach 0.81
8
1
Sold
3
1
For Sale
3
7
3
2
5
3
1
2
4
5
3 2 4
1 2 3 1
3
4
4
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
18 (7.5%) 19 (7.9%)
3.3M USD 3.7M USD
346 289
28 25 27 24 22 22 21 25 26 31 27 24 21 20 21 18 19 19 19 18 19 19 22 19 18
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
2021 Sep 2021 Jun
Past 12 Months 36 25
Past 3 Months 11 8
G280
Average Asking Price
Market Indicators (vs. Last Quarter)
$16.0
Transaction Level (Past 12 Months)
$14.0
$14.3
Inventory Level
Average Asking Price
$14.1
$13.9
Average Days on Market
$11.4
For Sale vs. Sold
$12.0
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
3,600 N.M. / 6,667 km
Mach 0.84
8
Sold
1
1
For Sale
1
2
1
6
1
3
2
2
2
3
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
9 (4.2%) 8 (3.8%)
14.3M USD 11.2M USD
231 318
9 10 12
11
9 12 13 14 15 15 15 13 15 15 15 16 10 13 12 12 9 8 10 10 9
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION 2021 Sep 2021 Jun
Past 12 Months
Past 3 Months
20
5
15
7
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 85

MARKET SUMMARY
G450
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$13.9
$13.8
$13.8
Inventory Level
Average Asking Price
$13.4
$12.9
$12.8
Average Days on Market
For Sale vs. Sold
$12.3
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
4,350 N.M. / 8,056 km
Mach 0.85
13
Sold
For Sale
SUPPLY
2021 Sep 2021 Jun
2
5
3
1
2
1
1
3
3
1
3
2 4
1
7
3
4
3
5
5
2
3
2
2
No. for Sale
Avg Asking Price
Avg Days on Market
19 (5.4%) 25 (7.1%)
12.8M USD 12.5M USD
321 287
23 21 28 29 26 28 29 31 29 28 30 28 29 30 27 27 32 32 34 31 25 25 24 18 19
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun
43 36
7 12
G550
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$22.6
Inventory Level
$20.9
$19.5
$18.0
$19.8
Average Asking Price
Average Days on Market
$17.5
$17.7
PERFORMANCE
Max Range
6,750 N.M. / 12,501 km
Max Speed
Mach 0.87
For Sale vs. Sold
Typ. Passengers
18
Sold
For Sale
SUPPLY
No. for Sale
2021 Sep 2021 Jun
30 (5.0%) 42 (7.0%)
2 2
13
2
4 2 2
1
2 1
3 4 5 4 6
13
2
1
3
5
5
6
8
3
7
Avg Asking Price
Avg Days on Market
TRANSACTION
19.8M USD
296
18.7M USD
240
2021 Sep 2021 Jun
32 31 33
33
39 42
41 44
45
45
45 44 44 46 43 32 26 28 30 43 47 42 31 30 30
Past 12 Months
63
45
Past 3 Months
18
16
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
Source: AMSTAT & ASG
86 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
G650 & G650 ER
Average Asking Price
G650ER
Market Indicators (vs. Last Quarter)
$52.2
G650
Average
Transaction Level (Past 12 Months)
G650
G650ER
$46.7
$45.5 $45.2
$45.3
$41.9
$44.0 $43.2
$40.5
Inventory Level
Average Asking Price
Average Days on Market
$39.2
$37.3
$30.9
$36.0
$39.2
PERFORMANCE
Max Range
G650 G650ER
7,000 N.M. 7,500 N.M.
12,964 km 13,890 km
For Sale vs. Sold
Max Speed
Mach 0.90
Mach 0.90
Sold
For Sale
Typ. Passengers
18
18
1
1
1
2 2
2
6
2
2
6
16
5
3
1 2
2 5
1 2
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Sep | Jun
6 | 8
39.2M USD
37.5M USD
118 | 156
Sep | Jun
7 | 7
40.5M USD
42.8M USD
85 | 64
16 17 15 17 13 13 13 16 14 17 20 20 23 24 21 14 13 12 12 12 12 15 16 15 13
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION Sep | Jun Sep | Jun
Past 12 Months
Past 3 Months
19 | 16
3 | 1
24 | 19
5 | 3
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 87

CONNECTING YOU
WITH OUR AUDIENCE
Asian Sky Media offers aviation companies online and offline
opportunities to enhance brand awareness, develop a more strategic
marketing plan and connect with target audiences in the Asia-Pacific
region and worldwide.
OFFLINE MARKETING SERVICES
DIGITAL MARKETING SERVICES
EVENT SUPPORT & MANAGEMENT
PUBLICATIONS
www.asianskymedia.com
Tel: +852 9199 7751
E-mail: media@asianskygroup.com
88 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
AIRCRAFT ACQUISITION PRICE (MILLION USD)
AIRCRAFT ACQUISITION PRICE (MILLION USD)
AIRCRAFT ACQUISITION PRICE (MILLION USD)
AIRCRAFT POSITIONING - CIVIL HELICOPTERS
6
5
4
3
2
1
0
8
4
2
1
0.5
0.25
1000
8
4
2
1
0.5
0.25
20
ACQUISITION COST VS. MAX RANGE
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
S-76D
H155
BELL 412EPI
AW139
S-76C++
H135(T3)
H145
BELL 430
AW169
MD902
BELL 429
AW109 GRANDNEW
AW109 POWER
BELL 206L4 BELL 407GXP
MD530F
H125
H130 AW119KX
MD502N MD600N
H120
MD550E R66
BELL 505
R22 BETA II
R44 RAVEN II
EN480B BELL 407
100
200 300 400
500
600 700
ACQUISITION COST VS. MAX TAKEOFF WEIGHT
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
ACQUISITION COST VS. CABIN VOLUME
HEAVY
(SUPER) MEDIUM
LIGHT TWIN
SINGLE TURBINE
PISTON
EN480B
R44 RAVEN II
R22 BETA II
2000
MD 520N
MD 530F
MD 500E
R66
R44 RAVEN II
R22 BETA II
40
MD520N
MD530F
H120
MD500E
EN480B
R66
80
4000
H225
H215(C1)
MAXIMUM RANGE (N.M)
MD 902
H135(T3)
AW109 POWER
BELL 407GXP
MD 600N
BELL 505
160
S-92
8000
MAX TAKE-OFF WEIGHT (LBS)
H175
16000
H225
AW189
H155
H215(C1)
H145
S-76D
AW189
AW169
H175
AW139
BELL 429
BELL 412EPI
S-76C++
BELL 430
AW109 GRANDNEW
AW119KX
H130
H125 BELL 407 BELL 206L4
H215(C1) S-92
H175
S-76D H155
AW139
AW189
BELL430
H145
AW169
BELL412EPI
MD 902
S-76C++
H135(T3)
BELL429 AW109 GRANDNEW
H125 BELL 407GXP AW109 POWER
H130
AW119KX
MD 600N
H120
BELL 407
BELL 206L4
BELL 505
H225
S-92
32000
320 640 800
CABIN VOLUMN (CU.FT)
Source: Conklin & de Decker
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 89

MARKET SUMMARY
MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS
INVENTORY LEVEL, PRICE TREND & TRANSACTIONS
H125
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$2.5
$2.5
$2.5
Inventory Level
Average Asking Price
Average Days on Market
$2.3
For Sale vs. Sold
$2.4
$2.3
$2.3
PERFORMANCE
Max Range 340 N.M. / 630 km
Max Speed 140 Knots
Typ. Passengers 6
Sold
2 2
1
For Sale
2 3
1
3
3
4
2 2 2
2
1
3
6
3
5 4
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep
15 (1.6%)
2.3M USD
448
2021 Jun
24 (2.6%)
2.2M USD
450
25 26 27
25
27 26
26
24 26 26
26 28 25 26 26 27 31 36 38 25 24 24 15 14 15
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
1
2
1
TRANSACTION
2021 Sep
Past 12 Months 28
Past 3 Months 4
2021 Jun
24
15
H130
Average Asking Price
Market Indicators (vs. Last Quarter)
$3.1
$3.0
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$2.7
$2.7
$2.9
Average Days on Market
$2.6
For Sale vs. Sold
$2.5
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
333 N.M. / 606km
128 Knots
7
Sold For Sale
4
2 3
1
4
1
2
1
1
1
1
2
2
2 5
1
2
10 11 9 9 9 9 7 8 11 11 12 14 16 16 15 15 12 10 9 8 7 5 5 5 5
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
90 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep
5 (1.6%)
2.5M USD
254
2021 Sep
23
8
2021 Jun
5 (1.6%)
2.9M USD
256
2021 Jun
15
4
Source: AMSTAT & ASG

MARKET SUMMARY
EC135P2 & T2
$2.4
$1.7
Average Asking Price
$2.2
$1.7
EC135T2
EC135P2
Average
$2.4
$2.5
$2.2
$2.0
$1.7 $1.7 $1.7 $1.7
$1.7
$1.7
Market Indicators (vs. Last Quarter)
EC135P2EC135T2
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
Sold For Sale
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
EC135P2
332 N.M.
614 km
127 Knots
6
EC135T2
332 N.M.
614 km
127 Knots
6
1 2 2
1
1 1 1 2
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Sep | Jun
4 | 7
1.7M USD
2.0M USD
399 | 364
Sep | Jun
1 | 1
1.7M USD
1.7M USD
420 | 328
11 11 10 11 10 8 9 9 8 8 7 8 8 7 7 7 10 9 9 8 8 8 5 5 5
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Past 12 Months
Past 3 Months
Sep | Jun
4 | 4
0 | 2
Sep | Jun
4 | 4
0 | 0
EC145
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$4.8
$4.3
$4.3
$3.9
$3.7
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
$2.9
$3.1
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
461 N.M. / 855 km
131 Knots
9
1
Sold
3
For Sale
4
1
3 2
1
1
1
2
2 2 1 2
1 1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
5 (0.7%) 8 (1.1%)
3.1M USD 2.9M USD
583 615
10 12 10
9
9 9 9 9 10 10 9 10 9 9 7 7 7 6 7 7 8 8 7 5 5
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION 2021 Sep 2021 Jun
Past 12 Months
Past 3 Months
12
2
10
3
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 91

MARKET SUMMARY
H155 & EC155B
Average Asking Price
EC155B
Market Indicators (vs. Last Quarter)
$5.1
$3.7
$5.5
$2.9
$3.9
$3.9
$3.8
H155
Average
$3.4
$3.8
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
H155
EC155B
Sold
For Sale vs. Sold
For Sale
$2.6
$2.6
$2.6 $2.6
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
H155
516 N.M.
955 km
150 Knots
13
EC155B
516 N.M.
955 km
135 Knots
13
1
1
1
1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Sep | Jun
12 | 11
3.8M USD
3.4M USD
820 | 860
Sep | Jun
0 | 0
0.0M USD
2.6M USD
0 | 0
23 20 18 17 18 16
16
16 16
16
16 17 16 15 12 11 11 10 10 10 12 11 12 13 12
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Sep | Jun
Past 12 Months 0 | 0
Past 3 Months 0 | 0
Sep | Jun
3 | 3
0 | 2
H225
Average Asking Price
Market Indicators (vs. Last Quarter)
$9.0
Transaction Level (Past 12 Months)
Inventory Level
$6.0
$6.2
Average Asking Price
Average Days on Market
$5.0
$4.0
For Sale vs. Sold
$5.5
$5.0
PERFORMANCE
Max Range 452 N.M. / 837 km
Max Speed 142 Knots
Typ. Passengers 19
Sold
For Sale
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
11 (6.2%) 12 (6.8%)
5.0M USD 5.0M USD
759 888
13 12 12
11
11 9
9
11 10 9 8 9 9 9 11 11 11 11 11 12 12 12 11 11 11
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
2021 Sep 2021 Jun
Past 12 Months 0 0
Past 3 Months 0 0
Source: AMSTAT & ASG
92 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
BELL 206 JETRANGER / LONGRANGER
Average Asking Price
Bell 206 LongRanger
Bell 206 JetRanger
Average
Market Indicators (vs. Last Quarter)
Bell 206JBell 206L
Transaction Level (Past 12 Months)
$0.9
$0.9
$0.9
$0.9
$0.8 $0.8
$0.9
Inventory Level
Average Asking Price
Average Days on Market
$0.5 $0.5
For Sale vs. Sold
Sold For Sale
$0.5
$0.5
$0.5
$0.5
$0.5
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
Bell 206J
374 N.M.
693 km
121 Knots
4
Bell 206L
270 N.M.
500 km
105 Knots
6
4 10
4
12 15 11 10
13 10 5 10 7 2
4
12
13
16 18
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Sep | Jun
111 | 122
0.5M USD
0.5M USD
660 | 692
Sep | Jun
51 | 62
0.8M USD
0.8M USD
560 | 495
202 200 187 195 200 210 205 203 203 202 201 201 200 221 222 215 197 205 195 197 197 184 175 169 162
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Sep | Jun
Past 12 Months 51 | 51
Past 3 Months 0 | 13
Sep | Jun
12 | 12
0 | 5
BELL 407
Average Asking Price
Market Indicators (vs. Last Quarter)
Transaction Level (Past 12 Months)
$2.4
Inventory Level
Average Asking Price
$2.2
$2.2 $2.2
$2.3
$2.1
Average Days on Market
For Sale vs. Sold
$2.0
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
323 N.M. / 598 km
132 Knots
7
Sold
3 3
5
For Sale
2 4
6 3
3 7 4
1
2
7
2
7
9 11
4 3 3 6
4
5
2
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
53 (3.3%) 64 (4.0%)
2.0M USD 2.2M USD
480 434
43 44 49 53 51 46 46 49 49 52 60 60 60 64 66 68 67 71 68 68 66 64 61 59 53
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
2021 Sep 2021 Jun
Past 12 Months 56 49
Past 3 Months 7 21
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 93

MARKET SUMMARY
BELL 412EP/412HP
Average Asking Price
Bell 412 HP
Market Indicators (vs. Last Quarter)
$3.6
$3.4
$2.0 $2.0
For Sale vs. Sold
Sold For Sale
1 3 1 2
2
3
$3.9
$2.2
3 3
$4.5
$2.2
1
1
$3.1
$2.2
1
1
8
Bell 412 EP
Average
$2.9
$2.6
1 2
2
$5.4
$2.6
3 2
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
PERFORMANCE Bell 412EP Bell 412HP
Max Range 356 N.M. / 349 N.M. /
Max Speed
Typ. Passengers
659 km
140 Knots
9
646 km
133 Knots
14
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
Sep | Jun
23 | 20
5.4M USD
4.7M USD
449 | 466
Bell 412EP Bell 412HP
Sep | Jun
1 | 1
2.6M USD
2.6M USD
215 | 123
27 26 26
26
27 25
27
23 23 23 23 27 27 29 29 30 31 29 29 23 22 21 23 24 24
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Past 12 Months
Past 3 Months
Sep | Jun
20 | 14
6 | 2
Sep | Jun
2 | 1
1 | 1
BELL 429
Average Asking Price
Market Indicators (vs. Last Quarter)
$4.9
$4.5
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
Average Days on Market
For Sale vs. Sold
$4.2
$4.1
$4.0 $4.0
$4.2
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
368 N.M. / 681 km
130 Knots
7
Sold For Sale
1
2
3
4
2
2
2 1 1
2
3
1
1 1
1 1 2
21 24 24 21 20 17 14 14 15 16 18 18 14 15 14 12 9 8 9 9 8 8 8 6 5
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
SUPPLY
2021 Sep 2021 Jun
No. for Sale
Avg Asking Price
Avg Days on Market
5 (1.3%)
4.2M USD
658
8 (2.0%)
4.0M USD
548
TRANSACTION 2021 Sep 2021 Jun
Past 12 Months
Past 3 Months
14
3
11
2
Source: AMSTAT & ASG
94 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

MARKET SUMMARY
AW109SP GRANDNEW
Average Asking Price
Market Indicators (vs. Last Quarter)
$4.7
$4.8
Transaction Level (Past 12 Months)
Inventory Level
$4.5
$4.4
$4.5
$4.5
Average Asking Price
Average Days on Market
$4.2
For Sale vs. Sold
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
480 N.M. / 889 km
130 Knots
7
Sold For Sale
1
5
1 2
3
2
1
1 1
1
1
1
1
8 12 10 10 9 11 12 15 17 17 16 18 19 22 22 19 15 16 14 13 15 14 10 8 7
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
TRANSACTION
2021 Sep 2021 Jun
7 (3.5%) 14 (7.0%)
4.8M USD 4.8M USD
327 376
2021 Sep 2021 Jun
Past 12 Months 14 11
Past 3 Months 3 2
AW139
Average Asking Price
Market Indicators (vs. Last Quarter)
$7.1
Transaction Level (Past 12 Months)
Inventory Level
Average Asking Price
$6.6
$6.0
$6.3
$6.1
Average Days on Market
For Sale vs. Sold
$5.0
$5.7
PERFORMANCE
Max Range
Max Speed
Typ. Passengers
568 N.M. / 1,052 km
140 Knots
15
Sold
1 3
For Sale
1 4 2
6
1
1
2
3
2
4 1 1 4
5
SUPPLY
No. for Sale
Avg Asking Price
Avg Days on Market
2021 Sep 2021 Jun
31 (3.1%) 31 (3.1%)
5.7M USD 6.0M USD
494 483
22 22 23 23 22 24 23 24 24 23 24 31 27 28 29 28 31 31 32 30 32 31 29 32 31
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Past 12 Months
Past 3 Months
2021 Sep 2021 Jun
20 11
9 5
Source: AMSTAT & ASG
THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 95

MARKET SUMMARY
S-76C+ / S-76C++
Average Asking Price
Market Indicators (vs. Last Quarter)
S76C+
S76C++
Average
S76C+
Transaction Level (Past 12 Months)
S76C++
$4.7
$4.6
$4.4
Inventory Level
Average Asking Price
$3.8
Average Days on Market
$2.2
$2.5
$2.5
$1.7
$1.7
$1.7
$1.7
$1.7
$2.1
$1.9
PERFORMANCE
Max Range
S-76C+
335 N.M. /
S-76C++
335 N.M. /
620 km
620 km
For Sale vs. Sold
Max Speed
155 Knots
155 Knots
Sold
For Sale
Typ. Passengers
12
12
1 1
1 4
1
1
1
SUPPLY
No. for Sale
Avg Asking Price
Sep | Jun
11 | 11
1.9M USD
Sep | Jun
12 | 12
2.5M USD
2
1
1
3
Avg Days on Market
2.1M USD
861 | 906
2.5M USD
667 | 588
45 44 45 45 44 41 40 43 43 44 43 45 44 42 44 39 42 32 27 24 23 23 22 22 23
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
2019 2020 2021
TRANSACTION
Sep | Jun
Past 12 Months 0 | 0
Past 3 Months 0 | 0
Sep | Jun
14 | 10
4 | 3
Source: AMSTAT & ASG
FEATURED AIRCRAFT
AGUSTAWESTLAND - AW139 SN31260
TOTAL HOURS: 384 HOURS SINCE NEW
• One Corporate Owner Since New
• 12 Seats Corporate / Passenger Configuration with
Soundproofing
• Always Hangared
• Air Conditioning System
• Emergency Floatation System
• HUMS, Weather Radar, EGPWS, TCAS
• Heated Windshield
• Active Vibration Control System
96 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021

THIRD QUARTER 2021 — ASIAN SKY QUARTERLY | 97

98 | ASIAN SKY QUARTERLY — THIRD QUARTER 2021