F OURTH QUARTER 2016

GULFSTREAM NEWS
Fourth Quarter 2016 Earnings
Revenues at General Dynamics (which includes Gulfstream and Jet Aviation) fell 5.5% last year, to $8.362B.
Earnings however showed marginal improvement, up 0.7% year of year.
Gulfstream is expecting significant rise in revenues and earnings beginning in 2020.
Gulfstream delivered 115 outfitted aircraft last year, 88 large-cabin and 27 midsize jets, down from 154 (120 large and 34
midsize) in 2016.
Gulfstream is forecasting 115-125 deliveries in 2017.

The new G500 will begin delivering in fourth quarter 2017 and Gulfstream expects the G600 to begin delivering in fourth quarter
2018. There is currently a 24 month backlog for the G650/G650ER and a 12 month backlog for the G550.
SOURCE: GENERAL DYNAMICS

A R S I 10 G T I T L 3 M !

G280 MARKET
5 G280s are currently on the market, including 2 aircraft that are under contract. This represents 6% of in-service fleet.
Asking prices range from $13.3M for a 2013 model with nearly 1,400 hours to $17.95M for a 2014 model with 400 hours.
There have been 4-6 G280s for sale since September 2015 and activity levels have generally been very slow. Only 2 pre-
owned G280s sold last year and one more aircraft was leased. Two aircraft that went under contract in fourth quarter 2016 and
are expected to close soon. The vast majority of the prospective G280 buyers are in the US but only one G280 that is for sale,
is located in the US and the asking price is $17.95M. Although the price point of a new G280 is now firming up thanks in large
part to increasing sales volume, the factory has been in a long standing battle with Bombardier to compete for the next super
mid-sized buyer in the $20M range.

AVPRO,INC.
W W W. AV P R O J E T S . C O M 900BestgateRoad,Suite412
Annapolis,Maryland21401
410.573.1515
Fax:410.573.1919
Email:info@avprojets.com
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Mid-Size Cabin Gulfstream Market Update Page 2

G200 MARKET
31 G200s are currently on the market, including 9 aircraft that are under contract. This represents 12% of in-service fleet.
Current asking prices range from $2.695M for a 2000 model with 6,200 hours to $8M for a 2010 model with 800 hours.
Recent sale prices have ranged from $2.5M to nearly $6M and sales volume continues to be higher than any other
Gulfstream market.
10 G200s closed in fourth quarter 2016
The G200 market continues to be a very attractive market for many buyers because of the value that the G200 offers. There are
very few coast to coast options with a cabin the size of the G200 that can be acquired for less than $5M. And for the very
selective buyers that want good pedigree and low total time, you only have to spend upwards to $6M to buy an aircraft with
excellent paint/interior, internet and numerous other options.

G150 MARKET
7 G150s are currently on the market, including 1 aircraft that is under contract. This represents 6% of in-service fleet. Down
1% since third quarter 2016.
Current asking prices range from $4.4M for a 2007 model with 3,500 hours to $6.995M for a 2012 model with 2,100 hours.
Three aircraft sold in fourth quarter 2016 and all traded for under $5.5M.

Although the G150 production line will soon be coming to an end, it will continue to be a very capable aircraft that can fly coast
to coast in a comfortable cabin at a fraction of the price of a large cabin. It was originally targeted as the entry level Gulfstream
but this segment of the market was very competitive with the large cabin Cessna aircraft, Hawker 900XP, Lear 60XR and even
Embraer has come into the mix with their Phenom 300. Despite this competitive environment, the pre-owned G150 market
remains relatively stable and buyers often time use the Gulfstream product support as the differentiator and reason to purchase
the G150.

W W W. AV P R O J E T S . C O M I N F O @ AV P R O J E T S . C O M
Mid-Size Cabin Gulfstream Market Update Page 3

AVPROS RECENT TRANSACTIONS

GULFSTREAM G200 SERIAL NUMBER 168 SOLD 2/7/17 GULFSTREAM G450 SERIAL NUMBER 4147 SOLD 6/16/16

GULFSTREAM G200 SERIAL NUMBER 118 SOLD 1/20/17 GULFSTREAM G280 SERIAL NUMBER 2063 SOLD 6/3/16

GULFSTREAM G200 SERIAL NUMBER 13 SOLD 12/9/16 GULFSTREAM IVSP SERIAL NUMBER 1350 SOLD 5/27/16

GULFSTREAM G450 SERIAL NUMBER 4117 SOLD 10/19/16 GULFSTREAM G550 SERIAL NUMBER 5161 SOLD 4/20/16

GULFSTREAM G450 SERIAL NUMBER 4101 SOLD 9/22/16 GULFSTREAM G450 SERIAL NUMBER 4288 SOLD 4/7/46

GULFSTREAM G450 SERIAL NUMBER 4323 SOLD 9/2/16 GULFSTREAM G200 SERIAL NUMBER 116 SOLD 3/16/16

GULFSTREAM IVSP SERIAL NUMBER 1499 SOLD 8/26/16 GULFSTREAM G200 SERIAL NUMBER 51 SOLD 3/14/16

GULFSTREAM G450 SERIAL NUMBER 4065 SOLD 8/24/16 GULFSTREAM G150 SERIAL NUMBER 254 SOLD 3/10/16

GULFSTREAM G450 SERIAL NUMBER 4033 SOLD 8/18/16 GULFSTREAM IV SERIAL NUMBER 1023 SOLD 3/9/16

GULFSTREAM G550 SERIAL NUMBER 5191 SOLD 8/16/16 GULFSTREAM G400 SERIAL NUMBER 1500 ACQUIRED 3/8/16

GULFSTREAM G550 SERIAL NUMBER 5017 SOLD 7/21/16 GULFSTREAM G350 SERIAL NUMBER 4086 SOLD 2/19/16

GULFSTREAM G150 SERIAL NUMBER 276 SOLD 7/14/16 GULFSTREAM G450 SERIAL NUMBER 4008 SOLD 2/9/16

GULFSTREAM G450 SERIAL NUMBER 4229 SOLD 7/1/16 GULFSTREAM G450 SERIAL NUMBER 4022 SOLD 1/21/16

GULFSTREAM IVSP SERIAL NUMBER 1368 SOLD 6/29/16 GULFSTREAM IV SERIAL NUMBER 1176 SOLD 1/12/16

CURRENTLY REPRESENTING

Gulfstream G650 Serial Number 6109 Gulfstream IV-SP Serial Number 1384

Gulfstream G550 Serial Number 5340 Gulfstream IV-SP Serial Number 1371

Gulfstream G550 Serial Number 5015 Gulfstream IV-SP Serial Number 1356

Gulfstream GV Serial Number 530 Gulfstream IV-SP Serial Number 1234

Gulfstream G450 Serial Number 4024 Gulfstream G280 Serial Number 2025

Gulfstream G400 Serial Number 1500 Gulfstream G200 Serial Number 156

Gulfstream IV-SP Serial Number 1494 Gulfstream G200 Serial Number 154

Gulfstream IV-SP Serial Number 1469 Gulfstream G200 Serial Number 113

Gulfstream IV-SP
Serial Number 1460 Gulfstream G200 Serial Number 102
U NDER C ONTRACT
AVPRO,INC. 410.573.1515
900BestgateRoad,Suite412 Fax:410.573.1919
Annapolis,Maryland21401 Email:info@avprojets.com
Copyright - Avpro, Inc - Aircraft Sales & Acquisitions 2017 - All Rights Reserved
Mid-Size Cabin Gulfstream Market Update Page 4

AVPRO, INC. WHO WE ARE

Avpro is one of the largest international aircraft brokerage and acquisition firms in the world. With our extensive aviation sales
experience, we are able to consistently achieve annual gross sales in excess of $1 billion.

By leveraging 25 years of experience and cultivating strong relationships throughout the industry, we are able to capitalize on
trends as they emerge. With a professional team of specialists in research, marketing, contract negotiations, and closings, we are
able to give each client the confidence needed to navigate the complexities of each transaction.

KEVIN WHITEGULFSTREAM SPECIALIST

Kevin White
Gulfstream Specialist
kwhite@avprojets.com
(410) 573-1515

KEVIN WHITE is the Avpro Gulfstream Market Specialist.

Kevin brings to Avpro a unique and in-depth knowledge of not only real time market condition expertise, but also operational,
technical and economic aspects of private jet ownership. After joining the industry in 2001, he quickly excelled in many facets such
as aircraft sales, operation, management, and is also an ATP pilot with a type rating in the Hawker 800/800XP.

VALERIE PEREIRAGULFSTREAM ANALY ST

Valerie Pereira
Gulfstream Analyst
vpereira@avprojets.com
(410) 573-1515

VALERIE PEREIRA is the Avpro Gulfstream Market Analyst.

Valerie offers a unique and in-depth knowledge of sales and acquisitions; as well as the operational, technical and economic
aspects of aircraft ownership. Valerie began her career in aviation as an international researcher for AMSTAT, subsequently
moving into a Sales support role for Regourd Aviation, followed by Executive Sales Director for the Bell Helicopter market at
Heli-Asset. Valerie is fluent in five languages; English, Portuguese, Spanish, French & Italian.

AVPRO,INC.
W W W. AV P R O J E T S . C O M 900BestgateRoad,Suite412
Annapolis,Maryland21401
410.573.1515
Fax:410.573.1919
Email:info@avprojets.com
Copyright - Avpro, Inc - Aircraft Sales & Acquisitions 2017 - All Rights Reserved