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1 Hamburg, October 30 th,2015 Hamburg, January 12th, 2017

2 TABLE OF CONTENTS 1. Overall trends in European business aviation activity 2. Geographical distribution of flight activity 3. Trends in fleet size and activity, by aircraft type 4. Mission split, AOC flight hours, Charter pricing trends 5. Estimated Empty Leg activity and trends 6. Distribution of flight activity by sector length 7. Activity trends at busiest European airports 8. Activity by domestic/international and arrivals/departures 9. Activity trends on top European city pairs 10. Trends in utilisation per aircraft unit/type 11. Trends in aircraft activity by aircraft register 12. Flight activity by operator fleet size 13. Operational costs: handling, fuel, passenger fees 14. Estimated total revenues generated, passengers transported 2

3 1. OVERALL TRENDS IN BUSINESS AVIATION ACTIVITY 161,052 business aviation flight departures from Europe in Q4 2016, 1.7% growth in activity compared to Q This completes 1% growth in flights in 2016 vs 2015, but still 1% below 2014 activity. Departures ,7% +1,0% ,2% +1,9% -1,6% +0,6% ,8% +1,7% -3,6% -0,7% Quarter 1 Quarter 2 Quarter 3 Quarter 4 YTD

4 2. GEOGRAPHICAL DISTRIBUTION OF FLIGHT ACTIVITY (a) France, Germany and UK were by far the busiest markets in Q4, 45% of total activity, although only UK got Q4 growth; small declines for France and Germany. Italy had 3% growth, Finland 9%, Russia 7%, Greece 14%. TOTAL EUROPE +1,7% QUARTERLY COUNTRY TRENDS DEPARTURES Q France Germany UK Italy Switzerland Spain Norway Turkey Sweden Austria Russia Netherlands Belgium Poland Czech Republic Finland Greece Denmark Ireland Portugal Ukraine Cyprus Luxembourg Slovakia Serbia and Montenegro 896 Romania 888 Croatia 818 Canary Island 788 Hungary 721 Bulgaria 579 Azerbaijan 575 Malta 540 Slovenia 428 Kazakhstan,Kyrgyzstan 385 Latvia 367 Belarus 344 Lithuania 322 Georgia 289 Iceland 276 Estonia 224 Bosnia and Herzegovina 172 Armenia 160 Kosovo 81 Albania 80 Tajikistan,Turkmenistan,Uzbekistan 80 Gibraltar 77 Macedonia 69 Total

5 2. GEOGRAPHICAL DISTRIBUTION OF FLIGHT ACTIVITY (b) UK had most AOC flights, up 4% in Q4. All 6 top countries increased AOC activity, Switzerland by 14%. Private flights fell in top 5, but increased 6% from Spain. Sweden had most Ambulance flights, 997 departures. DEPARTURES / DISTRIBUTION: Q4 / 2016 AOC Ambulance Private Government/Military Other Origin=Destination Flights AOC QUARTERLY TRENDS Private Other France 44% 52% 4% Germany 42% 53% 5% UK 54% 41% 5% Italy 49% 41% 10% Switzerland 47% 49% 4% Spain 60% 33% 7% Norway 89% 7% 4% Turkey 22% 66% 12% Sweden 51% 20% 29% Austria 51% 45% 4% Russia 62% 38% 1% Netherlands 40% 48% 11% Belgium 52% 40% 8% Poland 34% 50% 16% Czech Republic 55% 37% 7% Finland 34% 22% 44% Greece 51% 30% 19% Denmark 44% 35% 22% Ireland 43% 48% 9% Portugal 56% 36% 7% Ukraine 47% 47% 6% Cyprus 57% 27% 17% Luxembourg 38% 46% 16% Slovakia 68% 30% 2% Serbia and Montenegro 20% 63% 18% 896 Romania 38% 50% 12% 888 Croatia 40% 53% 7% 818 Canary Island 78% 6% 15% 788 Hungary 48% 47% 5% 721 Bulgaria 51% 33% 16% ,2% -19,0% -4,4% -6,6% -7,3% -5,9% -2,6% -9,0% -7,3% 2,8% 8,0% 4,2% 3,6% 14,1% 4,6% 2,0% 0,9% 1,3% 4,8% 12,5% 12,9% 9,3% 9,9% 21,4% 17,3% 26,7% 12,7% 17,8% 43,4% 4,8% 1,4% -4,6% -3,6% -1,8% -4,7% -4,5% -3,7% -10,1% -5,0% -1,3% -14,3% 89,6% -1,3% -4,7% -24,2% -1,2% 6,3% 9,6% 4,5% 18,1% 0,2% 6,2% 5,8% 3,9% 27,0% 11,1% 4,3% 37,5% 2,4% 11,3% 6,1% 76,1% -18,7% -12,2% -8,2% -11,5% -18,6% -4,9% -21,7% -12,1% -21,8% -0,9% -7,8% -3,1% -2,0% -25,8% -3,3% -0,6% -31,3% -36,2% -15,6% -37,8% -19,1% 0,3% 6,6% 12,8% 0,0% 10,6% 24,2% 34,9% 26,4% 13,8% Top 30 Other 5

6 2. GEOGRAPHICAL DISTRIBUTION OF FLIGHT ACTIVITY (c) Germany was busiest for Small Jet departures, and most growth in Large Jets. Prop activity fell in France & Germany, slightly up in UK. Fewer Medium Jet flights in most countries, Spain an exception. DEPARTURES / DISTRIBUTION: Q4 / 2016 QUARTERLY TRENDS Large Jets Medium Jets Small Jets Propeller Aircraft Large Jets Medium Jets Small Jets Propeller Aircraft France 22,6% 8,5% 35,5% 33,4% Germany 17,3% 9,0% 44,4% 29,3% UK 31,4% 11,6% 32,5% 24,5% Italy 28,9% 13,0% 35,0% 23,1% Switzerland 29,6% 12,1% 37,0% 21,2% Spain 26,6% 14,6% 40,0% 18,7% Norway 6,1% 3,2% 6,1% 84,7% Turkey 46,1% 26,8% 22,8% 4,3% Sweden 12,1% 6,6% 23,9% 57,4% Austria 17,8% 16,0% 49,7% 16,5% Russia 71,7% 19,5% 8,3% 0,6% Netherlands 23,0% 11,5% 36,2% 29,3% Belgium 22,7% 9,1% 43,7% 24,4% Poland 11,3% 13,1% 22,4% 53,1% Czech Republic 20,6% 10,9% 38,2% 30,4% Finland 13,9% 4,4% 24,4% 57,3% Greece 51,8% 15,3% 19,9% 13,0% Denmark 28,6% 11,5% 20,8% 39,1% Ireland 40,8% 14,8% 32,2% 12,2% Portugal 42,4% 19,1% 31,1% 7,4% Ukraine 27,5% 31,4% 30,6% 10,5% Cyprus 67,6% 17,9% 12,2% 2,4% Luxembourg 14,3% 11,3% 48,7% 25,8% Slovakia 27,3% 8,5% 40,0% 24,2% Serbia and Montenegro 6,7% 71,5% 9,5% 12,3% 896 Romania 16,3% 12,4% 32,3% 39,0% 888 Croatia 13,9% 8,1% 49,4% 28,6% 818 Canary Island 42,5% 15,5% 17,9% 24,1% 788 Top 30 97,2% Hungary 21,6% 14,0% 36,3% 28,0% 721 Bulgaria 27,3% 26,9% 30,9% 14,9% 579-0,5% -2,2% -0,6% -7,8% -6,7% -8,8% -1,9% -2,6% -8,3% 2,8% Other -1,3% 7,3% 2,1% 2,9% 6,3% 36,8% 12,1% 12,3% 10,7% 14,6% -5,6% -6,6% -6,7% -4,9% -19,4% -9,7% -6,3% -0,3% -3,8% -10,5% -3,7% -12,5% 39,8% 2,5% -6,1% 15,0% 76,7% 1,4% 44,0% 9,0% 25,0% -24,7% 8,6% -8,3% 79,1% 15,3% 5,2% -1,3% 5,3% -8,7% -3,2% 37,4% -6,9% 11,0% 8,8% 8,0% -17,4% 21,1% 4,0% -14,7% 27,3% 12,6% -6,5% 17,8% 25,0% -28,4% 14,0% -4,1% 0,0% 2,6% 6,2% -4,7% -4,4% 0,6% 13,1% -3,1% 8,3% -10,0% 9,1% -17,9% 9,5% 22,0% -32,7% 3,4% 8,4% 1,5% 12,5% 22,5% 3,1% 8,5% 0,2% 8,0% 27,4% 12,7% 22,1% 6,5% 21,8% -3,6% -6,5% -8,2% -8,5% -25,0% -19,3% -8,6% -19,4% -8,9% -15,0% -4,5% -17,7% -5,2% 1,9% 0,3% 6,8% 7,7% 1,6% 4,5% 18,6% 13,4% 20,9% 3,9% 91,1% 6

7 3. TRENDS IN FLEET SIZE AND ACTIVITY, BY AIRCRAFT TYPE (a) A strong Q4 for Large Jet flights, up 6% YOY, with the active fleet growing 3%. Medium Jet flights fell 2%, the active fleet declining 7%. Small Jet activity was up 4%, active fleet size flat YOY. Overall, 103 fewer aircraft active in Q4. DEPARTURES / DISTRIBUTION / TRENDS ACTIVE AIRCRAFT TAILSIGNS / TRENDS Departures Q % of total Quarterly Trend Active Aircraft Tailsigns Q Quarterly Trend [based on active aircraft] Additions [+/-] Large Jets ,9% 5,7% ,4% 108 Medium Jets ,8% -1,6% 669-6,7% -48 Small Jets ,7% 4,0% ,3% 4 Propeller Aircraft ,6% -2,9% ,1% -167 Total Departures Europe ,0% 1,7% ,4% -103 Business Jet 3,6% Props Business Jet 1,2% 64 Jets 72,4% 27,6% Props Propeller Aircraft -2,9% Jets 73,2% 26,8% Propeller Aircraft -8,1% -167 Total 1,7% Total -1,4% -103 Note: *an aircraft is active if it operates a flight during the Quarter 7

8 3. TRENDS IN FLEET SIZE AND ACTIVITY, BY AIRCRAFT TYPE (b) Strong growth for SMJ, flights up 9%, fleet size up by 10 units YOY. VLJ activity was up 12%, with active fleet up 14%. ELJ and MSJ segment activity declined significantly. Active MSJ fleet was down by 58 units YOY. DEPARTURES / DISTRIBUTION / TRENDS ACTIVE AIRCRAFT TAILSIGNS / TRENDS Departures Q % of total Quarterly Trend Active Aircraft Tailsigns Q Quarterly Trend [based on active aircraft] Additions [+/-] Bizliner ,5% 12,0% ,2% 68 Ultra Long Range ,1% 5,8% ,4% 103 Heavy jet ,3% -2,8% ,4% -63 Super midsize jet ,2% 9,1% 389 2,6% 10 Midsize jet ,6% -11,3% ,2% -58 Super Light jet ,2% 6,0% ,1% -30 Light Jet ,3% 5,1% 668 2,6% 17 Entry Level jet ,7% -13,3% 166-3,5% -6 Very Light jet ,5% 12,0% ,8% 23 Turboprop ,0% -1,1% ,5% -120 Piston ,6% -11,2% 613-7,1% -47 Total Departures Europe ,0% 1,7% ,4% -103 Business Jet 3,6% Business Jet 1,2% 64 72,4% 27,6% Propeller Aircraft -2,9% 73,2% 26,8% Propeller Aircraft -8,1% -167 Total 1,7% Total -1,4% -103 Business Jet Propeller Aircraft Business Jet Propeller Aircraft 8

9 4. MISSION SPLIT, AOC FLIGHT HOURS, INDICATIVE CHARTER PRICING TRENDS Double-digit growth in Q4 for SMJ, LJ and VLJ segments, with average pricing/hour up in all 3 segments. Also growth in ULR and HJ Charters. ELJ Charter flights declined by 18%, average prices falling by 4%. FLIGHT HOURS / DISTRIBUTION/ TRENDS AVG. PRICING / TRENDS 100% Commercial AOC Flight Hours Q % of total Quarterly Trend Avg. Price / Hr Quarterly Trend Ultra Long Range ,7% 6,7% 12,092-3,1% Heavy jet ,7% 3,5% 10,634-2,4% 45,5% Super midsize jet ,1% 12,5% 9,231 0,1% Midsize jet ,7% -5,9% 7,397-0,3% Super Light jet ,5% 2,7% 7,397-0,2% Light Jet ,0% 13,8% 5,906 1,2% Entry Level jet ,7% -18,0% 4,714-4,3% 47,7% Very Light jet ,9% 10,5% 4,315 0,3% Turboprop ,0% -1,7% 3,705-2,3% Piston ,7% 2,9% 3,457-6,4% 1,8% 2,6% 2,4% Total Flight Hours Europe ,0% 4,2% Total Flight Hours Q AOC Business Jet 5,1% Private Ambulance 86,3% 13,7% Propeller Aircraft -1,1% Government/Military "Origin = Destination Flights" [e.g Training] Total 4,2% Note: Bizliners excluded AOC: Aircraft Operating Certificate; certified to provide Charter Business Jet Propeller Aircraft 9

10 5a. ESTIMATED EMPTY LEG [EL] ACTIVITY - DEPARTURES [BUSINESS JETS AOC ONLY] Of the 55% of business jet departures which were operated AOC in Q4, an estimated 37% of sectors flew empty, with biggest increase on SMJ, LJ, VLJ segments. SLJ had the highest EL ratio, at 42%, up 1% YOY. BUSINESS JET DEPARTURES Q4 / 2016 EMPTY LEGS / DISTRIBUTION/ TRENDS 100% % Empty Legs: Departures Q % of total empty legs within segment Quarterly Trend Addtions [+/-] Ultra Long Range ,0% 4,0% 69 37,1% Heavy jet ,3% -0,2% -6 55,0% Super midsize jet ,9% 24,6% 370 Midsize jet ,2% -18,5% -466 Super Light jet ,1% 0,9% 37 Light Jet ,2% 9,7% ,0% 62,9% Entry Level jet ,3% -27,7% -375 Very Light jet ,7% 14,8% 278 1,6% 2,5% 1,0% Total Departures Q AOC activity Total Empty Legs Europe ,1% 1,9% 426 AOC Private Ambulance Empty Pax occupied Government/Military "Origin = Destination Flights" [e.g Training] Note: Bizliner excluded 10

11 5b. ESTIMATED EMPTY LEG [EL] ACTIVITY - HOURS [BUSINESS JETS AOC ONLY] Only an estimated 15% of AOC hours operated in Q4 were flown empty, equivalent to 287 FH. Small Jets had the highest ratios of EL hours, around 20%. Overall, business jet AOC Empty flight hours increased 2% in Q4. BUSINESS JET HOURS Q4 / 2016 EMPTY LEGS / DISTRIBUTION/ TRENDS 100% % Empty Legs: Flight Hours Q % of total empty legs within segment Quarterly Trend Addtions [+/-] 14,9% Ultra Long Range ,0% 3,5% 37 Heavy jet ,0% 1,0% 20 50,7% Super midsize jet ,6% 21,6% 210 Midsize jet ,5% -20,1% -319 Super Light jet ,8% 0,6% 14 85,1% Light Jet ,8% 9,8% ,3% Entry Level jet ,5% -25,0% -199 Very Light jet ,1% 16,9% 201 1,8% 2,5% 0,7% Total Flight Hours Q AOC activity Total Empty Legs Europe [hours] ,9% 2,1% 287 AOC Private Ambulance Government/Military "Origin = Destination Flights" [e.g Training] Empty Pax occupied Note: Bizliner excluded 11

12 6. DISTRIBUTION OF FLIGHT ACTIVITY BY SECTOR LENGTH Sub 1.5H sectors comprised 64% of all flights in Q4, these inching up 0.3%, although Small Jet short sectors were up 4%. Overall, the longer sectors grew by more, especially 3H-6H, up 7%, and up 12% for Large Jets. DEPARTURES / DISTRIBUTION: Q4 / 2016 QUARTERLY TRENDS max. 1.5 h 1.5h to 3h 3h to 6h more than 6h Total Large Jets 46,5% 24,2% 17,3% 12,0% ,8% 9,9% 11,8% 4,6% 5,7% Medium Jets 58,6% 27,5% 12,9% 1,0% ,7% 0,9% 2,0% 11,2% -1,6% Small Jets 71,7% 24,4% 0,6% ,2% 3,8% 6,2% 1,4% -34,1% 4,0% Propeller Aircraft 74,1% 20,1% 4,1% 1,6% ,0% -3,2% 0,7% -1,2% -2,9% Total Departures Europe 64,1% 23,6% 8,4% 4,0% ,3% 4,0% 6,9% 1,3% 1,7% max. 1.5 h 1.5h to 3h 3h to 6h more than 6h 100% 12

13 7. ACTIVITY TRENDS AT BUSIEST EUROPEAN AIRPORTS (a) At the busiest London and Paris business aviation airports, departures declined 4% in Q4. Activity was up 4% at Geneva, and notably growing out of Nice and Vnukovo, respectively +18% and +12% YOY. Munich was also much busier. Departures Q Quarterly Trend LFPB,LE BOURGET ,9% LSGG,GENEVA EGGW,LUTON ,0% LFMN,NICE COTE D AZUR UUWW,VNUKOVO LSZH,ZURICH ,6% EGLF,FARNBOROUGH ,3% LIML,LINATE ,0% LOWW,VIENNA SCHWECHAT ,5% EDDM,MUNCHEN LIRA,CIAMPINO ,1% EDDB,SCHOENEFELD EGKB,BIGGIN HILL ,5% LEMD,BARAJAS ,3% EDDS,STUTTGART ,1% EGWU,NORTHOLT EGSS,STANSTED LKPR,VACLAV HAVEL EDDK,KOLN BONN LTBA,ATATURK EHAM,SCHIPHOL ,9% EDDL,DUSSELDORF EBBR,BRUSSELS NATL ,3% LEBL,BARCELONA LEPA,PALMA DE MALLORCA ELLX,LUXEMBOURG Top 30-4,3% EDDF,FRANKFURT MAIN 996-4,9% EDDN,NUERNBERG ,6% 66,4% EDDH,HAMBURG 980 LCLK,LARNACA 916 Other European Airports 3,9% 18,4% 11,5% 6,5% 3,5% 7,1% 30,9% 5,8% 11,8% 16,5% 15,9% 5,3% 18,0% 10,7% 6,3% 77,5% Note: UUWW Vnukovo, is not shown, otherwise map would be distorted Piston Aircraft (frequently used for Training) are excluded in the analysis on this page. 13

14 7. ACTIVITY TRENDS AT BUSIEST EUROPEAN AIRPORTS (b) Top airport departures were primarily AOC in Q4, flat at #1 airport LFPB, other busiest airports up, especially LFMN & UUWW. Private flights mainly declined, especially EGGW, but were up at LFMN. Over 300 Gov. flights from LIML. DEPARTURES / DISTRIBUTION: Q4 / 2016 AOC Ambulance Private Government/Military Other Origin=Destination Flights AOC QUARTERLY TRENDS Private Other LFPB,LE BOURGET 57% 40% 2% LSGG,GENEVA 57% 41% 2% EGGW,LUTON 59% 40% 1% LFMN,NICE COTE D AZUR 64% 34% 1% UUWW,VNUKOVO 64% 36% 0% LSZH,ZURICH 53% 41% 7% EGLF,FARNBOROUGH 59% 40% 2% LIML,LINATE 58% 40% 2% LOWW,VIENNA SCHWECHAT 61% 37% 2% EDDM,MUNCHEN 59% 38% 3% LIRA,CIAMPINO 51% 27% 21% EDDB,SCHOENEFELD 51% 47% 2% EGKB,BIGGIN HILL 58% 41% 1% LEMD,BARAJAS 65% 33% 2% EDDS,STUTTGART 46% 49% 4% EGWU,NORTHOLT 70% 28% 2% EGSS,STANSTED 31% 61% 8% LKPR,VACLAV HAVEL 67% 31% 2% EDDK,KOLN BONN 60% 36% 4% LTBA,ATATURK 31% 63% 6% EHAM,SCHIPHOL 60% 35% 5% EDDL,DUSSELDORF 56% 42% 2% EBBR,BRUSSELS NATL 63% 30% 6% LEBL,BARCELONA 63% 32% 5% LEPA,PALMA DE MALLORCA 71% 25% 4% ELLX,LUXEMBOURG 38% 46% 16% EDDF,FRANKFURT MAIN 61% 34% 5% 996 EDDN,NUERNBERG 45% 34% 21% 991 EDDH,HAMBURG 49% 47% 4% 980 LCLK,LARNACA 66% 30% 3% Top 30 33,6% -0,3% -0,6% -0,5% -13,3% -7,1% -0,7% -22,1% -4,0% -9,0% -2,9% 66,4% Other 8,6% 1,9% 26,6% 19,1% 3,5% 1,6% 9,9% 13,0% 9,0% 12,5% 65,6% 5,2% 25,5% 28,4% 3,7% 0,0% 23,4% 20,4% 28,4% 99,7% -6,0% -0,9% -11,1% -7,8% -9,8% -14,2% -4,7% -24,4% -5,5% -5,5% -5,4% -0,5% -9,4% -18,6% -1,3% -10,1% -3,5% -10,6% 7,9% 0,2% 0,7% 14,9% 5,3% 19,3% 6,8% 6,3% 12,3% 5,6% 56,6% 55,3% -36,0% -16,3% -15,0% -26,8% -9,1% -13,9% -20,8% -22,2% -15,3% -73,3% -22,0% -33,0% -26,6% -21,2% -32,4% -24,2% -0,6% -9,4% 10,5% 21,7% 13,8% 38,9% 21,6% 8,3% 6,3% 42,1% 14,3% 11,1% 18,1% 22,6% 14

15 7. ACTIVITY TRENDS AT BUSIEST EUROPEAN AIRPORTS (c) Significant drop in Medium Jet departures from LFPB & LSGG. Heavy, Small & Medium flights grew >10% at LFMN. Heavy Jet departures from UUWW up 17%. LSZH Small Jet flights gained 6%, but Prop departures fell 21%. DEPARTURES / DISTRIBUTION: Q4 / 2016 QUARTERLY TRENDS Large Jets Medium Jets Small Jets Propeller Aircraft Heavy Jets Medium Jets Small Jets Propeller Aircraft LFPB,LE BOURGET 36,6% 12,5% 38,5% 12,4% LSGG,GENEVA EHAM,SCHIPHOL 32,8% 14,8% 45,0% 7,4% EDDL,DUSSELDORF 17,7% 14,6% 56,8% 10,9% EBBR,BRUSSELS NATL 35,4% 9,9% 46,3% 8,5% LEBL,BARCELONA 33,9% 14,6% 44,5% 7,0% LEPA,PALMA DE MALLORCA 14,8% 14,0% 52,7% 18,5% ELLX,LUXEMBOURG 14,3% 11,3% 48,7% 25,8% EDDF,FRANKFURT MAIN 29,5% 18,5% 42,4% 9,6% 996 EDDN,NUERNBERG 16,5% 29,7% 28,7% 25,1% 991 LCLK,LARNACA 37,5% 7,7% 50,9% 14,5% 38,0% 10,0% EGGW,LUTON 57,8% 14,0% 25,7% 2,5% LFMN,NICE COTE D AZUR 40,9% 18,0% 31,9% 9,1% UUWW,VNUKOVO 6,4% 0,1% 76,0% 17,5% LSZH,ZURICH 35,8% 14,4% 38,5% 11,3% 7,9% EGLF,FARNBOROUGH 53,8% 16,7% 21,6% LIML,LINATE LOWW,VIENNA SCHWECHAT 28,4% EDDM,MUNCHEN 31,6% LIRA,CIAMPINO 43,0% EDDB,SCHOENEFELD 29,0% EGKB,BIGGIN HILL 21,0% LEMD,BARAJAS 46,1% EDDS,STUTTGART EDDK,KOLN BONN LTBA,ATATURK 23,3% 5,3% EGWU,NORTHOLT 41,9% EGSS,STANSTED LKPR,VACLAV HAVEL 25,4% EDDH,HAMBURG 18,3% 35,4% 19,7% 45,4% 13,8% 15,4% 16,2% 40,8% 16,8% 25,3% 16,5% 46,7% 45,9% 38,2% 17,5% 30,8% 47,0% 24,4% 27,6% 9,5% 55,1% 7,8% ,9% 22,4% 15,4% 1,2% ,2% ,7% 30,7% 3,7% ,6% 9,2% 11,0% 6,6% 11,3% 14,9% 11,2% 15,8% 5,6% 20,9% 6,3% ,9% 45,2% 14,5% ,0% 18,6% 13,1% 916 1,3% 33,6% 66,4% -7,5% -5,8% -8,1% -2,7% -5,6% -6,8% -1,0% -18,2% -4,0% -12,6% -1,6% -15,5% 2,8% 17,4% 17,2% 6,6% 8,7% 5,1% 12,1% 19,3% 6,0% 44,9% 11,2% 33,1% 8,9% 13,1% 1,4% 18,0% 43,2% -13,1% -3,5% -16,5% -6,0% -4,8% -15,6% -25,8% -6,9% -10,5% -20,0% -24,9% -11,0% -7,8% -12,8% 144,6% 10,7% 0,4% -12,1% -10,2% 4,7% 24,6% -11,4% 6,2% 10,8% -15,0% 3,2% 93,4% 11,9% 3,2% 30,4% -0,6% 20,5% 12,6% -6,5% 38,7% -6,6% 19,0% -3,3% 24,1% 3,1% 14,9% 8,3% 20,6% 5,9% 2,3% 0,6% 8,6% 2,2% 1,6% 0,4% -3,4% -13,9% -33,3% -20,5% -9,4% -8,0% -11,5% -1,8% -10,0% 1,9% 34,5% 6,6% -2,1% 14,0% -23,3% 72,1% 3,9% 11,2% -35,7% 19,7% -35,1% 32,0% -8,1% -8,9% 3,4% 11,1% -40,0% 8,9% 33,0% 4,0% 0,0% 3,8% 5,7% 27,5% 125,0% 250,0% 7,8% 1,7% 20,0% 3,8% 4,1% Top 30 Other 15

16 8. ACTIVITY BY DOMESTIC/INTERNATIONAL AND ARRIVALS/DEPARTURES 93% of Q4 departures were to destinations within Europe, these up 2% YOY, and connecting 43K unique airport pairs. Flights to non-european destinations ( international ) were up 4%, and arrivals from outside Europe grew 7%. -0,8% +1,6% ,1% +3,8% -1,0% +6,6% Q Europe Domestic [Departures]* Intl. Flights [Departures]** Intl. Flights [Arrivals]*** Q Q # of unique airport pairs served Europe domestic* Intl. Flights [Departures]** Intl. Flights [Arrivals]*** BizAv Airport pairs served Q Note: *) e.g. Geneva --> Paris Le Bourget **) e.g. London Luton --> New York Teterboro ***) e.g. Singapore Seletar --> Brussels 16

17 9. TRENDS ON TOP EUROPEAN AIRPORT PAIRS [EUROPEAN DOMESTIC FLIGHTS ONLY] Europe busiest airport pair in Q4 was LSGG-LFPB, with 468 departures, up 5% YOY. The fastest growing pair was LFMN- LFPB, gaining 18%. UUWW connections were up, with LFMN-UUWW +7%, EGGW-UUWW +2%. LIML-LIRA flights fell 39%. DEPARTURES / AIRPORT PAIR: Q LSGG-LFPB 468 LFPB-LSGG 457 LFPB-EGGW 229 EGGW-LFPB 225 LFMN-LFPB 200 LFMN-LSGG 185 LFPB-LFMN 184 LIML-LIRA 173 LSGG-LFMN 170 LFPB-EGLF 170 ENTC-ENAT 166 LIRA-LIML 166 LTBA-LTAC 158 EGNL-EGGD 149 LGAV-LCLK 149 LFMN-UUWW 148 EGGD-EGNL 148 LCLK-LGAV 147 LTAC-LTBA 144 EGLF-LFPB 141 LTFJ-LTAC 140 UUWW-LFMN 136 LIML-LFPB 134 ESPA-ESUP 134 ESUP-ESPA 132 LTAC-LTFJ 131 EGGW-LSGG 131 EGGW-UUWW 130 LCRA-LCRA 127 LFPB-LFBD 125 LFPB-LIML 121 LZIB-LKPR 118 ENAT-ENTC 118 EGLF-LSGG 118 LSGG-LSZH 117 LSGG-EGGW 117 LKPR-LZIB 115 LFBD-LFPB 113 UUWW-LIME 113 ESPA-ESNU 112 LIME-UUWW 112 LSGG-EGLF 112 LEMD-LEBL 112 LEBL-LEMD 111 UUWW-EGGW 110 LSZH-LSGG 107 Top 50 5,1% 94,9% LCLK-UUWW 106 EGLF-EGNL 106 LFMN-EGGW 105 EGNL-EGLF 105 Other airport pairs -6,6% -39,3% -9,1% -34,4% -4,5% -0,7% -25,4% -5,0% -9,0% 5,2% 0,4% 2,7% 1,4% 18,3% 17,8% 8,3% 17,7% 7,2% 71,7% 28,4% 7,1% 6,3% 1.046,2% 1.125,0% 14,9% 9,2% 2,4% 35,1% 10,6% -8,3% 18,0% 37,2% 13,5% 21,9% -1,7% 12,7% 4,6% 1.030,0% 15,5% 1.020,0% -7,4% -5,9% -4,3% -12,7% -7,0% -5,4% Quarterly trend 22,0% 12,6% 58,2% 20,7% Note: Excluding Origin=Destination Flights 17

18 9. TRENDS ON TOP EUROPEAN AIRPORT PAIRS [EUROPEAN DOMESTIC FLIGHTS ONLY] UUWW airport pairs feature as the busiest in terms of flight hours in Q4, with UUWW-LFMN up 7%, also UUWW connections with LIME, EDDK, EDJA growing. Several UUWW connections were well down: EGLF, EGGW, LOWW. FLIGHT HOURS / AIRPORT PAIR: Q Europe domestic only UUWW-LFMN 469 LFMN-UUWW 466 LSGG-LFPB 408 EGGW-UUWW 400 LFPB-LSGG 380 UUWW-EGGW 379 UUWW-LIME 360 LCLK-UUWW 352 LIME-UUWW 325 UUWW-LCLK 301 UUWW-LSGG 279 UUWW-EGLF 270 UUWW-LSZH 269 EGLF-UUWW 268 UUWW-EDDK 263 LFMN-LFPB 260 LCLK-EGSS 230 EDDK-UUWW 229 LFPB-LFMN 227 LFPB-UUWW 218 LSGG-UUWW 214 LCLK-LGAV 214 LSZH-UUWW 211 LFPB-EGGW 201 UUWW-LOWW 200 ESCF-ESCF 198 EGGW-LFPB 195 EGSS-LCLK 192 LGAV-LCLK 192 UUWW-LFPB 191 UUWW-EDDM 190 EDDM-UUWW 189 UUWW-EDJA 185 LFMN-EGGW 183 UUWW-LIML 180 EGGW-LSGG 175 EDJA-UUWW 174 EGGW-LFMN 172 LIML-LFPB 162 LSGG-EGGW 158 LCRA-EGVN 157 LOWW-UUWW 156 LIML-UUWW 150 UUWW-LZIB 149 EGLF-LSGG 147 UAAA-LTBA 144 LIRA-LIML 143 5,5% 94,5% LSGG-EGLF 141 LFMN-UUEE 140 LFPB-LIML ,9% -20,8% -2,9% Quarterly trend 6,5% 6,5% 6,6% 5,5% 0,1% 1.019,7% 53,8% 1.025,6% 29,4% 7,0% 20,9% 1.206,7% 21,1% -6,5% 12,5% -11,2% 1.045,5% -1,3% 5,5% -19,0% 36,1% 1,2% 1.458,8% 983,6% -18,4% 1,6% -0,6% 19,9% 12,9% 10,4% 22,7% 10,5% -4,3% -5,2% -29,0% 15,4% 214,7% 20,3% 109,4% -35,3% -9,8% 62,7% -8,8% 5.051,0% 1.637,3% 5.789,2% Note: Excluding Origin=Destination Flights Top 50 Other CityPairs [Europe domestic] 18

19 10. TRENDS IN UTILISATION PER AIRCRAFT UNIT/TYPE [EUROPEAN DOMESTIC FLIGHTS ONLY] Over 6K business aviation aircraft were active in Europe in Q4, Turboprops with the largest share. Activity per unit averaged 31 FH, with SLJ posting largest gains, and utilisation falling on ULR, ELJ, VLJ and Piston aircraft. HRS. PER AIRCRAFT / ACTIVE AIRCRAFT / TRENDS Avg. FH / Aircraft Unit [per Qtr.] Active Aircraft Q Quarterly Trend [Aircraft Activity] Quarterly Trend [Growth, in Aircraft units ] Bizliner 30, ,0% 25 Ultra Long Range 16, ,1% 95 Heavy jet 25, ,7% -68 Super midsize jet 41, ,2% 1 Midsize jet 50, ,6% -50 Super Light jet 78, ,4% -32 Light Jet 45, ,9% 15 Entry Level jet 41, ,1% -9 Very Light jet 51, ,5% 24 Turboprop 32, ,9% -121 Piston 11, ,3% -46 Europe domestic only Total Average 30, ,9%

20 11. TRENDS IN AIRCRAFT ACTIVITY BY REGISTER [EUROPEAN DOMESTIC FLIGHTS ONLY] CS and OE registered aircraft grew activity by 6-7% in Q4, in contrast to D registered aircraft, activity flat, and N register, flights declining 12%. 9H and SP registered fleets grew most. Significant decrease in active N registered aircraft. FLIGHTHOURS PER AIRCRAFT REGISTER / ACTIVE AIRCRAFT / TRENDS Flight Hours: Q % of total Europe Active Aircraft Q Quarterly Trend [Aircraft Activity] Quarterly Trend [Growth, in Aircraft units ] D-[Germany] ,3% 695-0,2% -7 CS-[Portugal] ,7% 118 7,2% -2 OE-[Austria] ,0% 220 6,0% -3 N-[United States of America] ,7% ,4% -216 G-[United Kingdom] ,7% 280-5,8% -50 F-[France] ,6% 336-8,7% -21 M- [Isle of Man] ,5% ,5% -41 9H-[Malta] ,1% ,5% 8 HB-[Switzerland] ,0% 197-8,2% -17 OK-[Czech Republic] ,5% 89 9,9% 3 TC-[Turkey] ,4% 96 2,7% -10 LX-[Luxembourg] ,3% 72-16,5% -12 LN-[Norway] ,1% 35 10,3% -3 I-[Italy] ,9% 124-3,4% -25 EC-[Spain] ,8% ,3% -10 VQ-B [Bermuda] ,8% 61 92,8% -10 SE-[Sweden] SP-[Poland] ,8% 1,7% ,0% 38,9% Europe domestic only OY-[Denmark] ,4% 23,6% 1,4% 69-7,0% -10 YU-[Serbia] ,3% 22 7,4% 3 Top 20 Other 20

21 12. AIRCRAFT ACTIVITY BY OPERATOR FLEET SIZE [EUROPEAN DOMESTIC FLIGHTS ONLY] Aircraft activity declined for operated with fleets of 6-20 aircraft, with 2-5 fleet operators increasing European sectors by 5%. Operators with 20+ fleet-size operated 16% of total activity and had highest utilisation in Q4. OPERATOR SIZE / TRENDS / ACTIVE AIRCRAFT Flight hours Q % of total Europe Quarterly Trend [Aircraft Activity] Active Aircraft [in Operator category]: Q Flight Hours / Aircraft Unit: Q more than ,5% 0,7% ,7 6 to ,9% -2,5% ,5 2 to ,8% 5,4% ,7 1 aircraft only ,8% 0,9% ,6 Europe domestic only Total ,0% 0,6% ,4 Note: Bizliner and flights operated by Government / Military are excluded Page: 21

22 13. OPERATIONAL COSTS: HANDLING; FUEL; PAX TAX [EUROPEAN DOMESTIC FLIGHTS ONLY] Heavy Jets operated 12% of European flights in Q4, of which 20% were Challenger 600 sectors. This translates into an estimated 11.3M DOC, of which handling fees approx. 3.3M, and fuel burn of 4.7K tons. Q4-2016: MARKET VALUATION IN TERMS OF DIRECT OPERATIONAL COSTS FOCUS: CHALLENGER 600 OTHER KPIs 100% % % 11,331,601 11,331,601 3,289,608 17,729,827 12,4% 19,9% 22,545 50,1% 3,740,917 87,6% 80,1% 3,146,827 49,9% 4, , ,697 Total European domestic flights Q Total Heavy Jet Total Operational Cost: Q [Challenger 600] Total Handling Costs Operational at Airports Cost: Q Fuel Cost Other Airfield Costs Airfield Passenger Fees Passenger Taxes Charter Revenue [quoted] Passengers Fuel burn [in tons] Heavy Jet Other Challenger 600 Other Heavy Jet AOC Private % of total 100,0% ,0% 33,0% 27,8% ,3% 3,9% Europe domestic only Note: Operational costs do not include crew, personnel or aircraft maintenance Page: 22

23 14. TOTAL REVENUES GENERATED [EUROPEAN DOMESTIC FLIGHTS ONLY] Q4 business aviation aircraft activity in Europe generated an estimated 379M revenues, transporting round 500K passengers, and giving rise to a fuel burn of 81K tons. Q4-2016: MARKET VALUE IN TERMS OF ESTIMATED REVENUE, PASSENGERS, FUEL BURN 378,874, ,921 81,247 Europe domestic only Estimated revenues Passenger transported Fuel burn [in tons] Page: 23

24 15. BUSINESS AVIATION VS AIRLINE OPERATION The 43,248 airport pairs connected by business aviation in Europe in Q4 compare to 8659 linked by airlines, of which 10% were overlapping of the ex-european pairs connected by business aviation were not served by airlines. # of unique airport pairs served [Q4-2016] Europe domestic* Intl. Flights [Departures]** Intl. Flights [Arrivals]*** # of unique airport pairs served[q4-2016] BizAv-Airport Pairs served: Q Airline- Airport Pairs served : Q Europe domestic* Intl. Flights [Departures]** Intl. Flights [Arrivals]*** Airport Pairs [served by BizAv only] Overlap factor 10 9,8% 7,4% 7,9% Note: *) e.g. Geneva --> Paris Le Bourget 0 **) e.g. London Luton --> New York Teterboro ***) e.g. Singapore Seletar --> Brussels Airline [e.g. KLM, British Airways, Air France, EasyJet, Lufthansa, ] 5 Overlap Factor [BizAv vs Airline Ops.] Page: 24

25 DEFINITIONS (1) ACTIVITY COVERAGE This report covers business aviation activity, corresponding to all non-scheduled flights operated under Instrument Flight Rules (IFR) which correspond to fixed-wing single- and multi-engine business aviation aircraft categories. Broadly these categories are defined as: Heavy Jets, Medium Jets, Light Jets, Props. These categories are also broken down into the following segments: Ultra-Long range jets, Heavy jets, Super midsize jets, Midsize jets, Superlight jets, Light jets, Entry level jets, Very light jets. Specific types of Airliner (Bizliner), Turboprop and Piston aircraft have also been included in the Report. The geographical coverage of this report corresponds to all such business aviation flights connecting to and from 46 countries in the European area (reference map page 4). This includes both flights within this area, and between this area and the rest of the world. The principal measurement of activity is flight departures from the defined geographic area, broken down into flights to destinations within the area ( domestic ) and flights to destinations in the rest of the world ( ROW ). Also arrivals into the European area from the rest of the world are featured. Overflights are excluded. Aircraft activity data is sourced from EUROCONTROL, Civil Aviation Authorities, National Business Aviation Associations. Aircraft performance data is sourced from Original Equipment Manufacturers. The report covers all types of Private (owner) and Commercial (AOC) flights, and also Other flights, including Air Ambulance/Medical, Government & Military, and Origin=Destination Flights, mainly Training, but also including Maintenance, Check and Demonstration flights. Airport handling fees, Airfield fees, Fuel costs, Passenger Taxes and Charter Fees are sourced from Stratajet. Aircraft Charter Price trends and Passenger loads are sourced from PrivateFly. Empty Legs are estimated by WINGX, based on flight pattern analysis, sector length, mission and aircraft type. All data analysis is carried out by WINGX through our proprietary activity tracking and data processing methodology. 25

26 DEFINITIONS (2) - AIRCRAFT TYPE COVERAGE 140 different aircraft types (EG Challenger 600 platform is one type; see over for detail) are covered in this report, including 19 types of Light Jet, 14 types of Heavy Jet. This fleet generated 161,052 departures in Q References pages 3, 8. Covered Aircraft Types Departures Q Bizliner Ultra Long Range Heavy jet Super midsize jet Midsize jet Super Light jet Light Jet Entry Level jet Very Light jet Turboprop Piston Total

27 DEFINITIONS (3) - AIRCRAFT TYPE COVERAGE Note: Aircraft set specified by EBAA as of September 2015, also added C55B, E35L, E550. E45X as they became available. 27

28 In collaboration with WINGX Advance, this report is provided solely to EBAA Members for information purposes only and no representation, warranties or other assurances, express or implied, are given as to the quality, accuracy, or completeness of the information contained in, or provided in connection with the report. Recipients of this report must determine for themselves whether any matters referred to are suitable for their purposes. Neither EBAA nor any of their affiliates, agents, partners, representatives, consultants or any other company, firm or organisation involved in producing this report, nor any of their successors or assign or any employees, officer or director of any of them shall have any liability with respect to the use or reliance on the report by any person, irrespective of any negligence, omission or default, on the part of the foregoing persons. Any reproduction or publication of this report, in whole or in part, is strictly forbidden without the written consent of the EBAA 28