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www.wingx-advance.com www.wingx-advance.com Hamburg, October 30 th,2017 Hamburg, April 19th, 2017

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

1. OVERALL TRENDS IN BUSINESS AVIATION ACTIVITY 154,410 business aviation flight departures from Europe in Q1 2017, marking a 5.3% YOY growth in activity. This was the 4 th consecutive quarterly growth, and an acceleration on last 12 month trend. Departures +1,9% 220.000 210.000 +0,6% 208.063 212.003 200.000 190.000 180.000 170.000 160.000 150.000 +5,3% -0,7% 154.410 147.598 146.626 190.772 191.985 +1,3% 158.296 160.353 +5,3% -0,7% 154.410 147.598 146.626 140.000 130.000 120.000 110.000 100.000 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 Quarter 1 Quarter 2 Quarter 3 Quarter 4 YTD 2015 2016 2017 3

2. GEOGRAPHICAL DISTRIBUTION OF FLIGHT ACTIVITY (a) Three countries each had >20K departures in Q1, France, Germany & UK, these markets generating most of the Q1 growth. Central Europe saw strongest growth. Also significant bounce-back in flights from Russia and Turkey. TOTAL EUROPE +5,3% QUARTERLY COUNTRY TRENDS DEPARTURES Q1-2017 France Germany 26.500 22.177 UK 21.121 Switzerland Italy Spain 11.947 10.076 7.810 Norway 5.133 Sweden 4.838 Turkey Austria Russia 4.804 4.797 4.347 Netherlands 3.146 Belgium Finland 2.789 2.308 Czech Republic 2.241 Poland Denmark 1.929 1.660 Ireland Greece 1.589 1.469 Portugal 1.412 Ukraine 1.169 Slovakia 922 Serbia and Montenegro 907 Luxembourg 902 Canary Island 891 Cyprus Romania 834 805 Hungary Croatia Malta Azerbaijan 691 617 586 550 Bulgaria 458 Slovenia 414 Latvia Kazakhstan,Kyrgyzstan Georgia 314 311 310 Belarus 290 Iceland 261 Lithuania 237 Estonia 183 Bosnia and Herzegovina 163 Armenia 160 Gibraltar Macedonia 72 56 Albania Tajikistan,Turkmenistan,Uzbekistan 52 51 Moldova 48 Total 154.410 4

2. GEOGRAPHICAL DISTRIBUTION OF FLIGHT ACTIVITY (b) AOC flight activity was up >10% in the busiest 4 countries, the UK the busiest in Q1. Private activity trends more mixed, up in Germany, well down in Italy. Busiest air ambulance market in Q1 was Sweden. DEPARTURES / DISTRIBUTION: Q1 / 2017 AOC Ambulance Private Government/Military Other Origin=Destination Flights AOC QUARTERLY TRENDS Private Other France 44% 52% 4% 26.500 Germany 42% 53% 5% UK 56% 40% Switzerland Spain 60% 32% 8% 7.810 Norway 91% 6% 3% 5.133 Sweden 48% 20% 32% 4.838 Turkey Austria Russia Netherlands 40% 46% 14% 3.146 Belgium 51% 42% 7% 2.789 Finland Czech Republic 59% 33% 8% 2.241 Poland 36% Denmark 48% 31% Ireland Greece Portugal Slovakia Serbia and Montenegro Canary Island Cyprus 39% 31% Romania 41% Hungary 49% Italy 51% 20% 46% 42% 35% 23% 1.469 55% Ukraine 49% 34% 18% 49% Luxembourg 38% 51% 11% 902 73% 65% 50% 42% 48% 36% 46% 47% 48% 5% Croatia 43% 51% 21% 31% 14% 11% 21% 65% 13% 10% 17% 891 12% 805 691 617 Malta 41% 47% 12% 586 9% 5% 6% 4.804 56% 40% 4% 4.797 63% 47% 39% 36% 5% 4% 10% 15% 22.177 21.121 11.947 10.076 1% 4.347 2.308 1.929 1.660 1.589 1.412 1.169 69% 28% 3% 922 907 834 1.062 1.119 984 466 1.027 606 165 1.540 717 189 22 447 189 1.126 176 276 343 182 334 125 55 31 121 101 88 256 93 34 37 68-1,7% -31,7% -0,9% -4,3% -0,3% 97,4% 2,6% 10,2% -0,6% 15,7% 15,4% -1,3% 11,9% -4,4% 8,4% -10,1% 6,3% 7,6% 17,8% 15,1% -1,2% 12,5% 25,5% -3,0% 12,5% -22,2% 18,2% 26,4% 2,2% 14,7% 16,1% -17,0% 13,4% -8,6% 38,8% 14,7% 8,4% 11,9% 19,3% 23,7% 80,6% 4,5% 7,1% 11,1% 9,7% 34,8% 1,9% 8,4% 7,0% 7,4% 6,4% 3,4% 10,2% 7,9% 14,0% 11,1% 9,6% 0,8% 7,3% 5,8% 3,0% 50,8% -4,2% -8,0% -8,8% -15,4% -10,5% -23,6% -9,3% -25,3% -4,3% -9,3% -18,9% -6,3% -25,8% -22,3% -17,2% -42,4% -14,0% 5,0% 4,5% 12,9% 28,5% 34,6% 13,8% 25,6% 6,8% 17,0% 19,2% 0,0% 20,8% 33,3% Top 30 Other 5

2. GEOGRAPHICAL DISTRIBUTION OF FLIGHT ACTIVITY (c) Small Jet activity saw the most consistent growth in Q1, notably in the top 3 markets, Germany the busiest. Medium Jet activity declined from most countries. Spain & Germany also saw strong growth in Large Jet flights. DEPARTURES / DISTRIBUTION: Q1 / 2017 QUARTERLY TRENDS Large Jets Medium Jets Small Jets Propeller Aircraft Large Jets Medium Jets Small Jets Propeller Aircraft France Germany Greece Portugal Ukraine Slovakia 24,5% 10,4% 40,9% Serbia and Montenegro 10,3% 4,9% 70,3% Luxembourg 11,3% 9,4% 50,6% Canary Island Cyprus Romania 29,5% 31,1% 42,1% 15,7% 64,4% 17,6% 30,0% 31,2% Hungary 16,2% 16,2% 35,9% Croatia Malta 13,4% 22,6% 8,7% 34,6% 34,0% 18,2% UK 30,1% Switzerland Italy Norway 6,0% 3,1% 6,4% Sweden 12,3% 6,2% Denmark 19,5% 9,0% 45,0% 27,8% 22.177 3,7% 22,0% 12,2% 10,1% 48,0% 11,4% 12,8% 27,9% 11,2% 21,5% 33,5% 35,4% 19,3% 30,9% 25,8% 59,7% 33,5% 46,9% 36,2% 19,9% 39,8% 25,0% 24,2% 28,7% 25,5% 31,7% 20,3% 10,5% 8,1% 53,8% 27,6% 39,9% 13,5% 22,2% 24,4% 7,7% 14,6% 4,3% 11,8% 4,0% 26.500 21.121 Turkey 45,5% 26,9% 21,3% 6,3% 4.804 Austria Russia 70,5% 19,9% 9,0% 0,6% 4.347 Netherlands 21,1% 10,3% 36,4% 32,1% 3.146 Belgium 23,5% 6,8% 42,3% 27,4% 2.789 Finland Czech Republic Poland Ireland 18,9% 14,6% 13,2% 31,5% 28,3% Spain 26,5% 37,6% 11,7% 26,1% 16,9% 49,3% 27,7% 35,0% 12,8% 36,7% 13,6% 37,9% 84,5% 55,4% 16,4% 19,3% 35,4% 39,4% 23,3% 22,0% 14,8% 16,1% 16,3% 11.947 10.076 7.810 5.133 4.838 4.797 2.308 2.241 1.929 1.660 1.589 1.469 1.412 1.169 922 907 902 891 834 805 691 617 586-2,1% -3,2% -4,5% -10,8% -6,3% -8,9% -6,4% -7,1% 97,4% 2,6% -20,0% 5,1% -3,7% 15,0% 6,3% -2,5% -21,1% 18,2% 16,6% -13,0% 17,6% -8,8% 2,9% 4,7% 11,7% -0,6% 0,3% -21,8% -26,7% 9,8% -7,7% 34,4% -12,6% 9,3% -0,5% 17,3% 20,7% 3,0% -3,8% -11,9% 16,3% -17,0% 29,4% -15,1% 20,0% -20,8% 12,1% -3,8% 70,8% 10,4% 0,8% 7,3% -0,4% -3,4% 26,6% 6,0% 1,9% -0,8% -0,8% 7,5% 12,6% -5,0% 14,8% 4,9% 20,3% -10,1% -2,3% 12,0% 17,9% 11,7% -2,4% 10,3% 11,1% 7,3% 9,5% -2,8% 33,7% -4,5% 7,8% -2,3% 15,2% -2,7% 16,9% 5,9% 26,0% 5,1% -16,7% 4,4% 22,9% 1,4% 9,0% -51,5% 34,6% -2,6% 7,0% 4,3% 23,7% -5,7% 10,2% 28,2% -12,4% 12,1% 0,3% 5,3% 5,0% 5,8% 3,0% 36,8% 7,7% 0,7% 16,8% 14,9% 25,8% 23,7% 5,8% 1,9% 41,9% 0,0% 8,6% 44,1% 21,7% 197,9% Top 30 Other 6

3. TRENDS IN FLEET SIZE AND ACTIVITY, BY AIRCRAFT TYPE (a) Small Jet flights, 34% of total activity, were up 9% in Q1, despite a slightly smaller YOY active fleet (declining 1%). Large Jet activity increase was mainly generated by a larger active fleet. 136 fewer active Props YOY, flights still +2%. DEPARTURES / DISTRIBUTION / TRENDS ACTIVE AIRCRAFT TAILSIGNS / TRENDS Departures Q1-2017 % of total Quarterly Trend Active Aircraft Tailsigns Q1-2017 Quarterly Trend [based on active aircraft] Additions [+/-] Large Jets 40.921 26,5% 6,6% 3.048 4,3% 125 Medium Jets 17.809 11,5% 0,1% 634-2,6% -17 Small Jets 52.234 33,8% 9,2% 1.189-1,0% -12 Propeller Aircraft 43.446 28,1% 1,9% 1.859-6,8% -136 Total Departures Europe 154.410 100,0% 5,3% 6.730-0,6% -40 Business Jet 6,7% Props Business Jet 2,0% 96 Jets 71,9% 28,1% Props Propeller Aircraft 1,9% Jets 72,4% 27,6% Propeller Aircraft -6,8% -136 Total 5,3% Total -0,6% -40 Note: *an aircraft is active if it operates a flight during the Quarter 7

3. TRENDS IN FLEET SIZE AND ACTIVITY, BY AIRCRAFT TYPE (b) All but MSJ & Piston segments increased YOY activity, notably VLJ sectors, 6% of all flights, up by 20% in Q1, supported by a 13% growth in the active VLJ fleet. The active business jet fleet in Q1 was 96 units larger YOY. DEPARTURES / DISTRIBUTION / TRENDS ACTIVE AIRCRAFT TAILSIGNS / TRENDS Departures Q1-2017 % of total Quarterly Trend Active Aircraft Tailsigns Q1-2017 Quarterly Trend [based on active aircraft] Additions [+/-] Bizliner 6.306 4,1% 12,0% 529 14,3% 66 Ultra Long Range 14.124 9,1% 9,6% 1.254 5,6% 67 Heavy jet 20.491 13,3% 1,3% 1.265-0,6% -8 Super midsize jet 9.640 6,2% 6,0% 357 1,4% 5 Midsize jet 8.169 5,3% -6,0% 277-7,4% -22 Super Light jet 14.470 9,4% 5,6% 240-4,0% -10 Light Jet 23.833 15,4% 10,2% 591-3,1% -19 Entry Level jet 5.431 3,5% 0,3% 167-2,9% -5 Very Light jet 8.500 5,5% 20,3% 191 13,0% 22 Turboprop 36.947 23,9% 3,8% 1.290-3,0% -40 Piston 6.499 4,2% -7,6% 569-14,4% -96 Total Departures Europe 154.410 100,0% 5,3% 6.730-0,6% -40 Business Jet 6,7% Business Jet 2,0% 96 71,9% 28,1% Propeller Aircraft 1,9% 72,4% 27,6% Propeller Aircraft -6,8% -136 Total 5,3% Total -0,6% -40 Business Jet Propeller Aircraft Business Jet Propeller Aircraft 8

4. MISSION SPLIT, AOC FLIGHT HOURS, INDICATIVE CHARTER PRICING TRENDS 47% of all flight hours in Q1 were AOC, HJ segment generating most activity. SMJ, LJ & VLJ activity grew >10% YOY, with MSJ, ELJ & Piston FH well down. Average pricing per hour slightly declined in Q1. FLIGHT HOURS / DISTRIBUTION/ TRENDS AVG. PRICING / TRENDS 100% 223.348 Commercial AOC Flight Hours Q1-2017 % of total Quarterly Trend Avg. Price / Hr Quarterly Trend Ultra Long Range 15.395 14,7% 18,0% 11.951-1,4% Heavy jet 18.977 18,1% 10,2% 10.634-1,2% 47,0% Super midsize jet 8.778 8,4% 16,5% 9.231 0,2% Midsize jet 8.324 7,9% -5,5% 7.397 3,8% Super Light jet 12.199 11,6% 3,6% 7.397-0,4% Light Jet 17.438 16,6% 17,8% 5.673 0,2% Entry Level jet 3.089 2,9% 19,9% 4.656-4,1% 46,1% Very Light jet 5.769 5,5% 13,0% 4.315 2,9% Turboprop 13.387 12,8% 13,9% 3.705-1,2% Piston 1.518 1,4% -11,2% 3.457 4,8% 1,8% 2,8% 2,4% Total Flight Hours Europe 104.874 100,0% 11,2% Total Flight Hours Q1-2017 AOC Business Jet 11,3% Private Ambulance 85,8% 14,2% Propeller Aircraft 10,7% Government/Military "Origin = Destination Flights" [e.g Training] Total 11,2% Note: Bizliners excluded AOC: Aircraft Operating Certificate; certified to provide Charter Business Jet Propeller Aircraft 9

5a. ESTIMATED EMPTY LEG [EL] ACTIVITY - DEPARTURES [BUSINESS JETS AOC ONLY] An estimated 58% of AOC sectors in Q1 were passenger-occupied, with the 22K empty legs concentrated around SLJ & LJ activity. YOY, the declining MSJ & ELJ activity was reflected in a drop in empty legs in these segments. BUSINESS JET DEPARTURES Q1 / 2017 EMPTY LEGS / DISTRIBUTION/ TRENDS 100% 104.658 58.645 100% Empty Legs: Departures Q1-2017 % of total empty legs within segment Quarterly Trend Additions (+/-) Ultra Long Range 1.861 29,7% 10,8% 181 36,4% Heavy jet 3.200 30,7% 2,3% 71 56,0% Super midsize jet 1.860 33,1% 18,9% 296 Midsize jet 1.841 34,6% -13,9% -296 Super Light jet 3.872 40,2% 6,8% 246 Light Jet 5.722 41,4% 17,0% 831 63,6% 39,1% Entry Level jet 1.004 40,8% 4,8% 46 Very Light jet 1.970 38,6% 19,0% 315 1,5% 1,1% 2,2% Total Empty Legs Europe 21.330 36,4% 8,6% 1.690 Total Departures Q1-2017 AOC activity AOC Private Ambulance Empty Pax occupied Government/Military "Origin = Destination Flights" [e.g Training] Note: Bizliner excluded 10

5b. ESTIMATED EMPTY LEG [EL] ACTIVITY - HOURS [BUSINESS JETS AOC ONLY] In terms of FH, the empty leg ratio was far lower, an estimated 16% of AOC FH in Q1. Small Jet segments has around 20% EL ratio, Large Jets closer to 10%. SMJ ELs showed a large YOY increase in Q1. BUSINESS JET HOURS Q1 / 2017 EMPTY LEGS / DISTRIBUTION/ TRENDS 100% 171.672 89.969 100% Empty Legs: Flight Hours Q1-2016 % of total empty legs within segment Quarterly Trend Additions (+/-) 14,7% Ultra Long Range 1.139 7,4% 9,3% 97 Heavy jet 2.012 10,6% 2,6% 50 52,4% Super midsize jet 1.168 13,3% 20,2% 196 Midsize jet 1.118 13,4% -15,9% -211 Super Light jet 2.408 19,7% 7,2% 162 85,3% Light Jet 3.518 20,2% 17,0% 512 42,8% Entry Level jet 620 20,1% 8,5% 48 Very Light jet 1.277 22,1% 20,9% 220 1,7% 0,9% 2,3% Total Empty Legs Europe [hours] 13.260 14,7% 8,8% 1.075 Total Flight Hours Q1-2017 AOC activity AOC Private Ambulance Government/Military "Origin = Destination Flights" [e.g Training] Empty Pax occupied Note: Bizliner excluded 11

6. DISTRIBUTION OF FLIGHT ACTIVITY BY SECTOR LENGTH 65% of all sectors flown in Q1 were max 1.5H, these increasing 5% YOY, the main impetus from Small Jets. 24% of all Large Jet flights were 1.H-3H, these growing 8% YOY. Biggest decline was -17% in MSJ 3H-6H sectors. DEPARTURES / DISTRIBUTION: Q1 / 2017 QUARTERLY TRENDS max. 1.5 h 1.5h to 3h 3h to 6h more than 6h Total Large Jets 48,8% 23,9% 16,0% 11,3% 40.921 6,7% 7,7% 4,9% 6,7% 6,6% Medium Jets 59,9% 26,2% 13,1% 0,8% 17.809-0,1% -2,3% 7,8% -16,9% 0,1% Small Jets 72,4% 23,6% 0,6% 52.234 3,4% 9,7% 7,9% 10,2% 4,4% 9,2% Propeller Aircraft 75,0% 19,6% 4,0% 1,5% 43.446 0,7% 4,6% 15,1% -4,1% 1,9% Total Departures Europe 65,4% 22,8% 8,0% 3,7% 154.410 5,0% 5,6% 7,5% 4,5% 5,3% max. 1.5 h 1.5h to 3h 3h to 6h more than 6h 100% 12

7. ACTIVITY TRENDS AT BUSIEST EUROPEAN AIRPORTS (a) Le Bourget generated the largest number of departures in Q1, also adding most YOY growth. Zurich and Linate were the only top 10 airports to see any YOY decline. Activity at Vnukovo bounced back, +13% YOY in Q1. Departures Q1-2017 Quarterly Trend LFPB,LE BOURGET 5.865 LSGG,GENEVA 3.879 EGGW,LUTON 3.324 LSZH,ZURICH 2.827 UUWW,VNUKOVO 2.660 EGLF,FARNBOROUGH 2.605 LFMN,NICE COTE D AZUR 2.555 LIML,LINATE EDDM,MUNCHEN 1.997 1.745 LOWW,VIENNA SCHWECHAT 1.642 LIRA,CIAMPINO EDDB,SCHOENEFELD 1.628 1.510 EGKB,BIGGIN HILL 1.479 LEMD,BARAJAS 1.346 EDDS,STUTTGART 1.344 LFLB,AIX LES BAINS EGWU,NORTHOLT 1.338 1.273 LKPR,VACLAV HAVEL 1.197 EDDK,KOLN BONN 1.137 LTBA,ATATURK EGSS,STANSTED 1.119 1.108 EHAM,SCHIPHOL LSZB,BELP 1.103 1.079 EBBR,BRUSSELS NATL 1.059 LEBL,BARCELONA 1.040 LOWI,INNSBRUCK INTERNATIONAL LOWS,SALZBURG - W.A. MOZART 1.032 1.030 Top 30 LSGS,SION 1.008 34,2% EDDL,DUSSELDORF 976 LFLY,BRON 910 7,7% 2,6% 3,8% -2,0% 12,7% 4,8% 10,0% -1,3% 7,9% 5,7% -4,9% 24,5% 10,1% 10,8% 6,8% 7,3% 7,4% 10,1% 17,7% 2,5% 31,9% 1,7% -5,1% 0,6% 2,6% 12,7% 5,4% 5,9% 65,8% 15,9% 0,7% Other European Airports 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

7. ACTIVITY TRENDS AT BUSIEST EUROPEAN AIRPORTS (b) AOC activity was busiest by far at Le Bourget, growing 15% in Q1. Many of the other top 10 airports also had double digit AOC growth, +21% at Vnukovo. Private flights declined at most airports (noting Munich and Schoenefeld exceptions). DEPARTURES / DISTRIBUTION: Q1 / 2017 AOC Ambulance Private Government/Military Other Origin=Destination Flights AOC QUARTERLY TRENDS Private Other LFPB,LE BOURGET 57% 41% 2% 5.865 LSGG,GENEVA 57% 41% 2% 3.879 EGGW,LUTON 61% 37% 2% 3.324 LSZH,ZURICH 51% 42% 6% 2.827 UUWW,VNUKOVO 66% 34% 0% 2.660 EGLF,FARNBOROUGH 62% 37% 1% 2.605 LFMN,NICE COTE D AZUR 64% 34% 2% 2.555 LIML,LINATE 58% 41% 2% 1.997 EDDM,MUNCHEN 55% 41% 4% 1.745 LOWW,VIENNA SCHWECHAT 65% 32% 3% 1.642 LIRA,CIAMPINO 55% 24% 21% 1.628 EDDB,SCHOENEFELD 52% 46% 2% 1.510 EGKB,BIGGIN HILL 60% 38% 3% 1.479 LEMD,BARAJAS 70% 29% 1% 1.346 EDDS,STUTTGART 44% 51% 5% 1.344 LFLB,AIX LES BAINS 66% 33% 1% 1.338 EGWU,NORTHOLT 72% 27% 1% 1.273 LKPR,VACLAV HAVEL 70% 28% 2% 1.197 EDDK,KOLN BONN 63% 33% 4% 1.137 LTBA,ATATURK 30% 64% 7% 1.119 EGSS,STANSTED 33% 60% 7% 1.108 EHAM,SCHIPHOL 61% 36% 3% 1.103 LSZB,BELP 52% 38% 9% 1.079 EBBR,BRUSSELS NATL 61% 34% 5% 1.059 LEBL,BARCELONA 61% 34% 5% 1.040 LOWI,INNSBRUCK INTERNATIONAL 67% 25% 8% 1.032 LOWS,SALZBURG - W.A. MOZART 44% 54% 2% 1.030 LSGS,SION 56% 42% 2% 1.008 EDDL,DUSSELDORF 52% 45% 3% 976 LFLY,BRON 38% 61% 1% 910 134 71 53 174 9 39 43 31 67 43 342 37 37 14 69 8 17 28 42 74 80 38 102 49 48 79 18 18 28 11 Top 30 34,2% -1,0% -38,9% -3,6% 65,8% Other 14,7% 12,1% 11,3% 5,1% 20,8% 17,6% 16,8% 3,9% 14,8% 7,6% 42,3% 21,4% 12,6% 0,0% 22,4% 15,0% 15,1% 31,8% 78,6% 6,9% 5,6% 5,3% 24,8% 5,3% 27,6% 18,9% 7,5% -0,9% -6,9% -6,0% -6,3% -11,0% -1,1% -1,5% -7,3% -17,7% -0,9% -14,1% -6,8% -16,6% -0,6% -13,5% -3,8% 0,3% 15,2% 11,5% 10,3% 16,8% 0,9% 2,5% 21,8% 0,5% 18,6% 7,1% 8,2% 11,5% 55,8% -22,8% -7,0% -21,3% -35,7% -11,4% -8,8% -4,3% -14,0% -15,3% -15,9% -28,8% -44,0% -15,9% -26,1% -9,7% -22,2% -17,8% -13,0% -41,5% -5,6% -33,8% -11,1% -33,1% -40,0% -5,3% 8,9% 19,4% 33,3% 40,0% 57,1% 14

7. ACTIVITY TRENDS AT BUSIEST EUROPEAN AIRPORTS (c) Small Jet activity had consistently strong growth across all top airports in Q1, +18% at Zurich, +23% from Schoenefeld. Medium Jet activity was well up from Farnborough, Nice, Vnukovo. Main growth in Large Jets was from Le Bourget. DEPARTURES / DISTRIBUTION: Q1 / 2017 QUARTERLY TRENDS Large Jets Medium Jets Small Jets Propeller Aircraft Heavy Jets Medium Jets Small Jets Propeller Aircraft LFPB,LE BOURGET 35,5% 12,6% 38,2% 13,6% 5.865 LSGG,GENEVA 39,9% 15,2% 35,3% 9,7% 3.879 EGGW,LUTON 54,8% 14,7% 28,4% 2,1% 3.324 LSZH,ZURICH 41,5% 13,3% 34,6% 10,6% 2.827 UUWW,VNUKOVO 74,8% 17,4% 7,6% 0,2% 2.660 EGLF,FARNBOROUGH 49,3% 18,3% 23,4% 10,9% 9,0% 2.605 LFMN,NICE COTE D AZUR 37,3% 18,4% 33,5% 2.555 LIML,LINATE 35,1% 15,8% 40,7% 8,5% 1.997 EDDM,MUNCHEN 35,4% 16,2% 36,2% 12,1% LOWW,VIENNA SCHWECHAT 30,1% 19,6% 45,4% 4,9% EDDS,STUTTGART 26,0% 6,7% 44,6% 22,7% LFLB,AIX LES BAINS 36,0% 19,3% 33,2% 11,5% EGWU,NORTHOLT 38,3% 22,5% 35,5% 3,8% LKPR,VACLAV HAVEL 24,4% 15,1% 44,5% 16,0% EDDK,KOLN BONN 25,3% 8,5% 54,2% 12,0% LEBL,BARCELONA 37,5% 16,4% 37,6% 8,5% LOWI,INNSBRUCK INTERNATIONAL 15,8% 24,8% 47,0% 12,4% LOWS,SALZBURG - W.A. MOZART 14,2% 10,9% 59,4% 15,5% LSGS,SION 21,4% 12,8% 45,6% 20,1% EDDL,DUSSELDORF 16,7% 14,8% 57,9% 10,7% 976 LFLY,BRON 11,9% 52,7% 29,0% 910 6,4% 1.745 1.642 LIRA,CIAMPINO 43,3% 13,6% 26,8% 16,2% 1.628 EDDB,SCHOENEFELD 28,3% 15,0% 48,5% 8,2% 1.510 EGKB,BIGGIN HILL 23,7% 15,1% 45,7% 15,4% 1.479 LEMD,BARAJAS 44,2% 13,9% 36,3% 5,6% 1.346 1.344 1.338 1.273 1.197 1.137 LTBA,ATATURK 62,9% 23,9% 1,9% 11,3% 1.119 EGSS,STANSTED 61,0% 9,0% 22,0% 7,9% 1.108 EHAM,SCHIPHOL 31,9% 15,2% 43,5% 9,3% 1.103 LSZB,BELP 29,0% 14,0% 35,1% 21,9% 1.079 EBBR,BRUSSELS NATL 33,2% 9,1% 47,9% 9,8% 1.059 1.040 1.032 1.030 1.008 36,0% 64,0% -1,1% -10,0% -2,9% -6,3% -6,3% -4,5% -9,7% -9,0% -10,4% 6,5% -2,0% -4,9% 1,4% -6,2% -6,7% 13,1% 3,3% -20,3% 7,1% 13,3% -0,9% -31,1% 31,8% 22,3% -7,4% 14,0% 15,5% 11,6% 0,6% -5,3% 8,1% -4,7% 18,5% -20,5% 21,8% -13,8% 1,1% -15,0% 20,0% -5,0% 2,1% -5,1% 24,1% 50,9% 20,0% -14,7% 12,4% 19,0% 11,4% 12,7% 42,8% 19,9% 15,4% 4,5% 30,1% -9,4% 88,7% 18,9% -15,2% 21,3% 21,7% 22,0% 11,5% 10,0% 17,0% -9,0% 18,0% -13,8% 6,9% 10,9% 12,9% 16,5% -8,2% 9,7% -0,5% 6,0% -9,1% 13,8% 23,4% -9,5% 19,9% -8,8% 5,6% 1,0% 14,4% -14,4% 23,5% 20,3% 15,4% 27,1% 11,6% 9,0% -18,1% 0,8% -27,3% 23,7% -2,3% 15,3% -13,5% 5,5% -14,0% 10,8% 11,6% -1,9% -16,5% 10,4% 6,2% 200,0% 10,3% 25,7% 3,9% 1,3% 7,4% 3,8% 7,8% 45,5% 103,0% 110,0% 120,0% 47,1% Top 30 Other 15

8. ACTIVITY BY DOMESTIC/INTERNATIONAL AND ARRIVALS/DEPARTURES Business aviation flights within Europe were up by 5.2% in Q1, and connected 40,272 unique airport pairs. Stronger growth in arrivals into Europe, 9,507 flights, up 7.1%. Similarly, flights departing Europe grew 6.3% YOY. -0,7% +5,2% 137.640 136.633 143.785 +0,4% +6,3% +1,6% +7,1% Europe Domestic [Departures]* 9.958 9.993 10.625 Intl. Flights [Departures]** 8.743 8.880 9.507 Intl. Flights [Arrivals]*** Q1-2015 Q1-2016 Q1-2017 # of unique airport pairs served 50.000 40.000 40.272 30.000 20.000 10.000 0 Europe domestic* 3.931 Intl. Flights [Departures]** 4.165 Intl. Flights [Arrivals]*** BizAv Airport pairs served Q1-2017 Note: *) e.g. Geneva --> Paris Le Bourget **) e.g. London Luton --> New York Teterboro ***) e.g. Singapore Seletar --> Brussels 16

9. TRENDS ON TOP EUROPEAN AIRPORT PAIRS [EUROPEAN DOMESTIC FLIGHTS ONLY] Busiest pair for intra-european activity was LFPB-LSGG, with 473 departures, growing 4.4%. Notable decline in flights connecting LIML-LIRA, -29%. Stand-out gains from EGGW to LFPB & LSGG, also on LTBA-LTAC and from LFPB to LIML. DEPARTURES / AIRPORT PAIR: Q1-2017 LFPB-LSGG 473 LSGG-LFPB 470 LFMN-LFPB 184 LIML-LIRA 183 LIML-LFPB 177 EGGW-LFPB 176 LSGG-EGGW 175 LFPB-EGGW 173 LTBA-LTAC 172 EGGW-LSGG 170 LFPB-LFMN 170 ENTC-ENAT LFPB-LIML 170 168 LIRA-LIML 167 EGLF-LFPB 159 LFPB-EGLF 155 LSGG-LFMN LTAC-LTBA LFMN-UUWW 152 151 151 EGNL-EGGD 150 LFMN-LSGG 150 EGGD-EGNL 148 ESPA-ESUP 140 ESUP-ESPA UUWW-LFMN 140 129 LFPB-LFLB 128 LSGG-EGLF 128 EFHK-EFJY LTFJ-LTAC 127 127 EGLF-LSGG 124 LEBL-LEMD 123 EGNL-EGLF 122 EGLF-EGNL 122 LEMD-LEBL 121 LFPB-LSZH 118 LTAC-LTFJ 116 EFJY-EFHK 116 LFLB-UUWW 113 LFPB-LFBD 112 LSGG-LSZH 111 LFLB-LFPB 111 LSZH-LFPB 109 UUWW-EGGW 109 UUWW-LIME 108 LIME-UUWW 107 ENAT-ENTC 105 Top 50 5,3% 94,7% ENHF-ENTC 105 ENAT-ENHF 104 LOWW-LOWI 104 ENVA-ENAL 102 Other airport pairs -28,5% -30,1% -2,9% -0,7% -11,2% -11,4% -8,5% -11,1% -6,1% -10,5% -1,8% -5,6% Quarterly trend 4,4% 3,4% 35,1% 2,3% 27,7% 4,8% 29,3% 33,9% 5,6% 8,3% 27,3% 8,9% 6,2% 5,6% 12,7% 2,7% 4,5% 5,3% 19,6% 22,1% 18,7% 21,8% 7,0% 5,2% 13,1% 19,2% 10,5% 24,7% 17,7% 6,7% 4,8% 0,9% 31,7% 30,5% 18,0% 38,2% 18,2% 108,0% Note: Excluding Origin=Destination Flights 17

9. TRENDS ON TOP EUROPEAN AIRPORT PAIRS [EUROPEAN DOMESTIC FLIGHTS ONLY] Measured by flight hours, connections with UUWW ranked highest for intra-european flights, with significant YOY growth on LFLB-UUWW, UUWW-EDDK & UUWW-LIME. EGGW-LSGG was up >30% YOY. FLIGHT HOURS / AIRPORT PAIR: Q1-2017 Europe domestic only LFMN-UUWW 484 UUWW-LFMN 445 LSGG-LFPB 412 LFPB-LSGG 394 UUWW-EGGW 377 LFLB-UUWW UUWW-LIME UUWW-LFLB 354 345 327 LIME-UUWW UUWW-LSGG LSGG-UUWW 315 291 286 EGLF-UUWW 271 UUWW-EDDK 267 EGGW-UUWW 261 LCLK-UUWW 253 UUWW-EGLF LSGG-EGGW 246 243 UUWW-LFPB LFMN-LFPB 238 235 UUWW-LCLK 234 EGGW-LSGG 228 EDDK-UUWW 224 UUWW-EDDM 223 LIML-LFPB 211 LFPB-LFMN 209 LFPB-UUWW 209 LCRA-EGVN 206 LSZH-UUWW 197 UUWW-LSZH LFPB-LIML 193 193 ESCF-ESCF UUWW-EDJA 188 186 EDDM-UUWW EGGW-LFMN 182 173 EDJA-UUWW 171 LSGG-EGLF 168 UUWW-LOWW 163 UUWW-LIML 160 EGGW-LFPB 156 EGLF-LSGG 154 LOWW-UUWW 152 LFPB-EGGW 151 LFMN-EGGW 150 UUWW-LYBE 148 LIML-LIRA 147 LSZH-EGGW 146 LIRA-LIML 143 5,7% 94,3% EGGW-LSZH 131 EGVN-LCRA 129 EGNL-EGGD 128-9,7% -2,0% -3,3% -24,9% -23,7% -11,1% -6,8% -5,8% -28,6% -31,4% -0,9% -0,3% -7,3% -13,1% -11,7% -1,3% -2,0% -33,9% -8,8% Quarterly trend 2,9% 5,8% 20,8% 29,8% 35,4% 15,3% 32,8% 93,1% 80,4% 7,8% 28,3% 116,3% 34,6% 78,3% 81,7% 35,3% 4,8% 13,3% 28,3% 22,7% 43,0% 14,7% 35,7% 4,0% 10,0% 4,7% 26,1% 31,2% 27,8% 136,2% 136,2% Note: Excluding Origin=Destination Flights Top 50 Other CityPairs [Europe domestic] 18

10. TRENDS IN UTILISATION PER AIRCRAFT UNIT/TYPE [EUROPEAN DOMESTIC FLIGHTS ONLY] 5,919 individual tails were active in Europe in Q1 2017, with SLJ segment posting highest utilisation. The active VLJ & ULR fleet increased by most. Overall, aircraft utilisation grew 1.9%, up by most for Light Jet segment. HRS. PER AIRCRAFT / ACTIVE AIRCRAFT / TRENDS Avg. FH / Aircraft Unit [per Qtr.] Active Aircraft Q1-2017 Quarterly Trend [Aircraft Activity] Quarterly Trend [Growth, in Aircraft units ] Bizliner 27,6 343 9,0% 15 Ultra Long Range 16,6 966 3,8% 49 Heavy jet 26,5 1.047-0,3% -1 Super midsize jet 41,4 319 4,6% 0 Midsize jet 46,3 258 6,5% -27 Super Light jet 77,1 235 10,4% -7 Light Jet 48,6 576 13,3% -22 Entry Level jet 37,1 166 4,0% -1 Very Light jet 48,3 190 3,4% 22 Turboprop 31,9 1.258 7,9% -42 Piston 10,8 561 9,2% -96 Europe domestic only Total Average 31,4 5.919 1,9% -110 19

11. TRENDS IN AIRCRAFT ACTIVITY BY REGISTER [EUROPEAN DOMESTIC FLIGHTS ONLY] The D register saw an additional 34 active units in Q1 2017, increasing the activity of this registered fleet by 9%. The UK register was also up. Both N and M registers had fewer active aircraft YOY. The active 9H fleet was up by 21 units. FLIGHTHOURS PER AIRCRAFT REGISTER / ACTIVE AIRCRAFT / TRENDS Flight Hours: Q1-2017 % of total Europe Active Aircraft Q1-2017 Quarterly Trend [Aircraft Activity] Quarterly Trend [Growth, in Aircraft units ] D-[Germany] 31.789 18,0% 738 9,2% 34 CS-[Portugal] 12.777 7,2% 116 9,7% -4 G-[United Kingdom] 11.707 6,6% 301 8,2% 7 F-[France] 11.480 6,5% 346 4,0% -1 OE-[Austria] 10.817 6,1% 218 9,9% -5 N-[United States of America] 10.727 6,1% 1.120-2,8% -16 M- [Isle of Man] 8.820 5,0% 300-13,8% -31 9H-[Malta] 6.935 3,9% 136 12,2% 21 HB-[Switzerland] 5.368 3,0% 204-4,5% 6 OK-[Czech Republic] 5.279 3,0% 98 28,0% 13 TC-[Turkey] 4.843 2,7% 106 17,5% -1 LX-[Luxembourg] 4.793 2,7% 78 2,8% -2 LN-[Norway] 4.086 2,3% 33 6,1% -10 VQ-B [Bermuda] 3.588 2,0% 59 23,4% -5 SE-[Sweden] 3.582 2,0% 75-7,1% -6 I-[Italy] 3.547 2,0% 144-3,9% -21 EC-[Spain] 3.317 YU-[Serbia] 3.257 1,9% 1,8% 23 107-12,2% 24,3% -5 5 Europe domestic only OO-[Belgium] 2.794 80,4% 19,6% 1,6% 66 13,9% 4 OY-[Denmark] 2.493 1,4% 72-2,5% -9 Top 20 Other 20

12. AIRCRAFT ACTIVITY BY OPERATOR FLEET SIZE [EUROPEAN DOMESTIC FLIGHTS ONLY] Some decline in Q1 flight hour activity for the smallest fleets, 1-5 tails. These operators generated 59% of all activity. Substantial growth for the larger fleets, FH up 18% for 6-20 tail operators, and up 20% for the fleets >20 tails. OPERATOR SIZE / TRENDS / ACTIVE AIRCRAFT Flight hours Q1-2017 % of total Europe Quarterly Trend [Aircraft Activity] Active Aircraft [in Operator category]: Q1-2017 Flight Hours / Aircraft Unit: Q1-2017 more than 20 32.939 18,4% 20,4% 537 61,3 6 to 20 41.210 23,1% 18,4% 777 53,0 2 to 5 15.289 8,6% -8,5% 311 49,2 1 aircraft only 89.239 49,9% -1,8% 4.128 21,6 Europe domestic only Total 178.676 100,0% 5,3% 5.753 31,1 Note: Bizliner and flights operated by Government / Military are excluded Page: 21

13. OPERATIONAL COSTS: HANDLING; FUEL; PAX TAX [EUROPEAN DOMESTIC FLIGHTS ONLY] Very Light Jets operated 5.9% of European flights in Q1, of which 72% were Citation Mustang sectors. This translates into an estimated 6.6M DOC, of which handling fees approx. 2.8M, and fuel burn of 2.4K tons. Q1-2017: MARKET VALUATION IN TERMS OF DIRECT OPERATIONAL COSTS FOCUS: CITATION MUSTANG OTHER KPIs 100% 143.785 5,9% 100% 8.422 100% 6.566.641 6.566.641 2.813.177 8.401.434 9.946 71,8% 66,7% 1.961.953 94,1% 1.444.408 2.414 28,2% 33,3% 251.200 95.902 Total European domestic flights Q1-2017 Total VLJ Total Operational Cost: Q1-2017 [Citation Mustang] Total Handling Costs Operational at Airports Cost: Q1-2017 Fuel Cost Other Airfield Costs Airfield Passenger Fees Passenger Taxes Charter Revenue [quoted] Passengers [Private+Charter] Fuel burn [in tons] Very Light Jet Other Citation Mustang Other VLJs AOC Private % of total 100,0% 100 80 60 40 20 0 42,8% 29,9% 22,0% 3,8% 1,5% Europe domestic only Note: Operational costs do not include crew, personnel or aircraft maintenance Page: 22

14. TOTAL REVENUES GENERATED [EUROPEAN DOMESTIC FLIGHTS ONLY] Q1 business aviation aircraft activity in Europe generated an estimated 319M revenues, transporting round 400K passengers, generating a fuel burn of 70K tons. Q1-2017: MARKET VALUE IN TERMS OF ESTIMATED REVENUE, PASSENGERS, FUEL BURN 318.874.147 397.921 70.247 Europe domestic only Estimated revenues Passenger transported Fuel burn [in tons] Note: methodology for estimated Charter Revenue is to isolate a) AOC Charter hours b) Occupied only c) Domestic Europe Page: 23

15. BUSINESS AVIATION VS AIRLINE OPERATION The 40,272 airport pairs connected by business aviation within Europe in Q1 compare to 7,208 linked by airlines. 9% of the airports linked by business aviation in Q1 were also connected by scheduled airlines. # of unique airport pairs served [Q1-2017] 50.000 40.000 30.000 40.272 20.000 10.000 0 7.208 Europe domestic* 3.931 1.293 Intl. Flights [Departures]** 4.165 1.353 Intl. Flights [Arrivals]*** # of unique airport pairs served[q1-2017] 40.000 36.631 BizAv-Airport Pairs served: Q1-2017 Airline- Airport Pairs served : Q1-2017 30.000 20.000 10.000 0 Europe domestic* 3.607 Intl. Flights [Departures]** 3.847 Intl. Flights [Arrivals]*** Airport Pairs [served by BizAv only] Overlap factor 10 9,0% 8,2% 7,6% 5 0 Note: *) e.g. Geneva --> Paris Le Bourget **) e.g. London Luton --> New York Teterboro ***) e.g. Singapore Seletar --> Brussels Airline [e.g. KLM, British Airways, Air France, EasyJet, Lufthansa, ] Overlap Factor [BizAv vs Airline Ops.] Page: 24

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

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 154,510 departures in Q1 2017. References pages 3, 8. Covered Aircraft Types Departures Q4-2016 Bizliner 18 6.306 Ultra Long Range 5 14.124 Heavy jet 14 20.491 Super midsize jet 11 9.640 Midsize jet 6 8.169 Super Light jet 4 14.470 Light Jet 19 23.833 Entry Level jet 3 5.431 Very Light jet 4 8.500 Turboprop 36 36.947 Piston 20 6.499 Total 140 154.410 26

DEFINITIONS (3) - AIRCRAFT TYPE COVERAGE Note: Aircraft set specified by EBAA as of September 2017, also added C55B, E35L, E550. E45X as they became available. 27

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