Aviation 101 : simplebooklet.com

Various options and solutions exist within the global aviation marketplace is filled with various options and solutions. What works for one traveler is not necessarily appropriate for another, nor should it be. This guide outlines the myriad of private aviation options available to assist travelers in choosing the ideal solution. Private Jet Services (PJS) offers a unique consultancy approach, averaging decades of experience to chart individualized solutions for each client. This method consistently delivers choice, value and performance for a wide range of scenarios.Private aviation reduces the stress of travel by saving time, adding convenience and providing privacy. Businesses and individuals are more productive with the hours saved before, during and after each flight. With PJS, individuals, families, groups, sports teams, government officials, leading corporations and the world’s most recognized entertainers can leave when they choose, spend more time enjoying the objective of their trip and spend less time traveling.PJS exists to streamline and elevate air travel logistics with dedication and passion. As the largest aviation consulting firm in North America and America’s first carbon neutral private aviation company, PJS delivers integrated, innovative and sustainable solutions to an extensive clientele. We are well positioned to help navigate the private aviation marketplace and identify the best means of private aviation for our clients, whether individuals, corporations or their advisors.5

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9PRIVATE AVIATION PROVIDES PRIVACY AND TRAVEL CAPABILITIES NOT AVAILABLE ON COMMERCIAL FLIGHTS. AN AIRCRAFT CAN BE READIED FROM A CONVENIENT, PRIVATE TERMINAL WITH JUST A FEW HOURS NOTICE TO FLY CLIENTS DIRECTLY TO THE ULTIMATE DESTINATION.ROI OF PRIVATE AVIATION – TIME COMPARISON TASK COMMERCIAL AIRLINES PRIVATE AVIATION Drive to airport 30 minutes or more 30 minutes or less Parking 20 minutes 5 minutes Security and 30 minutes 5 minutes check-in Wait at gate 30 minutes 0 minutes Boarding 30 minutes 5 minutes Flight time 1 hour 30 minutes 1 hour 30 minutes Deplaning 20 minutes 5 minutes Collect luggage 30 minutes 5 minutes Access Ground 20 minutes 5 minutes Transportation Drive to destination 1 hour or more 15 minutes or less TOTAL TIME 6 hours or more 2 hours 45 minutesTIME SAVED USING PRIVATE AVIATION: 3 HOURS 15 MINUTES OR MORE (EACH WAY)

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11By using private aircraft, a traveler has access to over 5,000 airports in the US alone. This access creates more opportunities to fly non-stop to a destination, and helps passengers reduce ground travel time by flying into smaller airports closer to their destination. Private aviation clients should expect the highest levels of service. Many of the larger providers offer 24/7 support and access to their client service teams. In addition to securing the aircraft, providers can arrange ground transportation and other concierge services.Many companies calculate the combined hourly cost associated with their executives’ time. The hours lost in security, during layovers and potential overnights from multi-city travel equate to lost productivity. key benefits of private aviationEFFICIENCY PRIVATE JET EASE OF TRAVELArrive 15 rather than Avoid busy customs 90 minutes prior linesNo lengthy procedures Real-time check-in itinerary revisions No long TSA or terminal Schedule flexibility wait times No long walks Utilize safer, lower to the gate density airportsShorter ground Depart from a transportation times private hangarFewer ATC holds at Complimentary airports parkingCollect luggage right Fewer unwanted from plane overnight staysHold meetings onboard Pet friendly Shorter taxi times Total privacy Staff retention with Vastly easier for limited mobility those with a tight scheduleAccess to airports rental cars, lower density limos, or taxis with no linesWhen travelers consider all private aviation options, the process of comparing pricing, programs and providers can be overwhelming. The industry is continually evolving. Entrusting the insight of a professional aviation consultant can be extremely beneficial. Research and experience are required to avoid pitfalls. Beware of unscrupulous sellers who offer too-good-to-be-true deals or use illegal, uncertified aircraft and pilots. Know your options when comparing jet ownership, fractional ownership, jet card programs, membership programs and on-demand charter. There are many aircraft types to consider within the marketplace. Identifying the best fit based on typical travel patterns, passenger group size, and amenities is part of the process. A thorough examination of a traveler’s needs, including understanding flexibility around aircraft size and type, the frequency of travel, the number of destinations, and other preferences can help determine the best option for each traveler.Travel managers who consider executive compensation and the cost-per-hour for those executives to travel, realize that the time saved by utilizing private aviation is extremely compelling. A two, three and even four-city itinerary can be completed in a single day, providing greater productivity for the executives as well as cost and time savings.It is important for wealth-management professionals properly advise clients on the best private aviation options available. There are advantages in centralizing purchasing power for a Principal, their family and their business that might otherwise be missed. Using private aviation for an Emergency Response Plan provides clients with solutions for sensitive situations, like emergency evacuation due to an explosion, natural disaster, medical emergency, political unrest and other unforeseeable crises. This guide will outline the many options available to empower travelers to select the most ideal option.

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17WHOLE OWNERSHIPOutright ownership of an aircraft is a major decision even for experienced private travelers. While small single-engine and propeller aircraft are easier to manage, a jet aircraft is a considerable investment that requires multiple critical decisions. Whole ownership is generally reserved for someone flying more than 350-450 hours per year and is not recommended as the “first stop” in private aviation. A traveler considering outright ownership has likely engaged multiple aviation firms and has acquired a thorough understanding of their flight options by utilizing fractional ownership, jet card and membership programs.CONSIDERATIONS:Advantages & DisadvantagesADVANTAGES: DISADVANTAGES:• Whole ownership works best when travel consistently originates from one location such as a home or business• Understand the proper market value of a new or used aircraft at acquisition• Engage an aircraft advisor on pricing analysis, financing options, safety and maintenance status of used aircraft• Engage a management company to negotiate and handle insurances, crew, crew training, maintenance, maintenance schedules, hangar selection, hangar fees and overall safety of operation• Like cars, aircraft are a rapidly depreciating asset after leaving the manufacturer. An aviation consultancy firm can assist with aircraft valuation and fiscal oversight• An aircraft consultant can help with aircraft selection - based on travel needs and requirements - before committing to an aircraft type• Consistent experience on every flight• Complete control of aircraft choice, including amenities and aesthetics• Total scheduling flexibility and access to more airports under Part 91 flight operations• Choice of pilots and crew• Ability to earn revenue by chartering owned aircraft• Tax depreciation benefits• Requires expertise in acquisition and the management of the aircraft, staffing, insurance and maintenance• Direct legal liability for all operations• Significant upfront cost• Limited by the performance of a single aircraft type• Downtime when the aircraft is unavailable due to required maintenance• Unpredictable variable costs (changes in fuel prices, unscheduled maintenance)• Substantial depreciation• Tax benefits from depreciation do not outweigh operational costs• Lack of anonymity with scheduling (everyone knows where the aircraft is going)• Illiquidity

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19FRACTIONAL OWNERSHIPFractional ownership has been available in the marketplace for over 20 years. Since the concept was pioneered, several providers have emerged.Fractional ownership presents the opportunity to own a share of an aircraft while limiting direct responsibility and required oversight of the aircraft. The fractional provider operating the fleet handles all responsibilities (hangar, maintenance, crew, insurance, etc.) Fractional shares are universally based on 800 occupied flight hours per year and are available in increments from 1/16 (50 hours) to 1/4 (200 hours). In practice, fractionally owned aircraft fly over 1,000 hours per year, accelerating depreciation of the underlying asset. Engaging in a fractional purchase is best suited for travelers flying at least 100 hours per year. Like whole ownership, fractional ownership requires a large outlay of capital during the acquisition of the aircraft. There are monthly management fees, hourly usage fees, fuel and resale fees (“remarketing fee”), all of which are handled by the fleet operator. As with any bulk purchase, the larger the commitment, the better the value. As such, travelers committing for 100 or more hours will realize a better value on an all-in basis than someone buying a 1/16th (50 hour) share.Fractional commitments last 5 years and generally include a commitment to fly at least 50 hours per year for the 5-year duration of the contract. Owners must use each 50-hour annual increment within a one-year timeframe or those hours are lost. Travelers flying 50 hours or less per year should not consider fractional ownership. While some programs offer the ability to carry hours forward, travelers will ultimately find themselves with more hours than they can consume at the end of the contract.Travelers flying more than 50 hours per year should always ‘under buy’ their share, meaning they should purchase a share that is less than their projected usage, to provide for maximum leeway in hedging trips against the program.Fractional owners should have a firm understanding of their aircraft preferences and itinerary needs. Fractional owners should have a strong preference toward a single model and make of aircraft. This aircraft should accommodate 95% of their flight needs.CONSIDERATIONS:The aviation market currently has a surplus of used aircraft from the recession — providing excess supply and lower residual values. Consider the fractional costs vs the current market value of the whole aircraft.During high-demand travel days, fractional providers offset bottlenecks of availability by outsourcing to charter, which means fractional owners often fly on charter aircraft rather than aircraft within the fractional fleet they bought into, without notice or control.The fractional marketplace is shrinking in size. Recent instability and consolidation among providers mean fewer choices.

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21FRACTIONAL PROVIDER HISTORYOngoing labor struggles including lawsuits and striking pilots. They do not have the same experience oering customers Jet Cards as they do with fractional ownership. It was not until 2017, that they ramped their very own NetJets Elite Jet Cards, which are limited to its two Citation light jets.OPERATORS IN ORDER OF SIZEFLEET SIZE OVERVIEWNetJetsCitationAirFlexJetFlight OptionsAvantAirExecutive AirSharePlaneSense100575138AirShares Elite 3170080150RECENT NEWSCeased selling fractional shares in 2012 to focus on whole ownership. Collapsed in Dec 2014.Severe labor disputes erupted in early 2016 in response to DAC’s plans to merge FlexJet and Flight Options pilot pools. Labor disputes erupted due to a union with Teamsters.In 2016, merged into the FlexJet brand. No new shares have been sold under the name Flight Options. Filed bankruptcy and was liquidated in mid-2014.Regional turbo prop operation. Slow but steady growth.Light aircraft operation, one of the earliest to sell fractional shares. Closed its doors in Dec 2014.Regional light jet fractional, steady growth but limited to speciﬁc airports in central U.S.Ceased Operations.Voted to end representation by the Teamsters Union in 2018, further exacerbating issues with employees in the company.Converted to a solely on-demand charter model so as not to compete against sister-company FlexJet.Ceased Operations.Plans to add 4 more aircraft by 2020.Ceased Operations.Plans to expand to more airports.Safety workers picketed and distributed handbills publicizing a six-year labor dispute (2017) with the company.• Pricing structure subsidizes loss-leading trips with out-sized profits on other trips• High interchange fees to switch from one aircraft type to another• High barriers to cancel or exit the program• Flights are sometimes outsourced to on-demand charter providers• Fuel surcharges vary greatly and are significantly higher than on-demand charter• Share residual valuation varies greatly from program to program• Restrictions against the use of multiple aircraft on a single day• Significant capital outlay • Peak periods require several days advance notice and typically require owners to be flexible with their schedules• Quality, modern aircraft• High service standards• No daily flight minimums• No deadhead or repositioning cost• Strong ability to recover from mechanical issues• Possible tax advantages to depreciating the aircraft shareADVANTAGES: DISADVANTAGES:Advantages & Disadvantages

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23JET CARDSJet Cards and fractional programs closely align. They evolved in response to market demand for private air transportation without the long-term commitment of fractional ownership. By eliminating the asset purchase issues and multi-year contract terms associated with fractional ownership, Jet Card programs offer an attractive alternative. Jet Cards rely on the broader on-demand jet charter market to supply lift. These programs offer a guaranteed fixed rate for occupied flight time. Jet Card programs are deposit based. Providers package Jet Cards in denominations such as $50,000, $100,000, $1MM+, or by hourly increments of 25 hours, 50 hours or 75+ hour cards. Some providers offer different fixed hourly rates based on aircraft age differentiation. Higher buy-in levels come with perks.Travelers choose an aircraft category (light, midsize, super-mid or heavy), and the program selects an aircraft to fulfill each flight based on the best fit for their network efficiency. The flight time for each trip pulls down from a client’s account balance. Both ownership and fractional options are capital intensive, subjecting an owner to asset value risk whereas Jet Cards require less capital and offer greater flexibility.Most savvy customers now require their deposit funds to be escrowed and request proof of financial stability before investing.• When comparing providers, consider membership fees, minimum deposit, booking time requirements, peak day travel, pricing structure and other fees that are not included in the hourly rate• Lower capital commitment than fractional and whole ownership• Avoids the volatility of the fractional and charter market pricing• Often more flexible user terms and aircraft access when compared to fractional• Jet cards are relatively short-term agreements• Quality-vetted aircraft and pilots• Guaranteed availability, similar to fractional• No deadhead or repositioning cost• Relatively low upfront commitment• Generally no restrictions on using multiple aircraft on the same day• Fixed pricing structure• Loss leader pricing structure• Some programs are non-refundable and cannot be canceled• Some routes are not cost-competitive• Peak periods require several days advance notice and additional fees• Frequent departure time slides• Aircraft scarcity during busiest travel dates• Many programs require non-refundable membership fees• Beware of hidden fees and up-chargesCONSIDERATIONS: ADVANTAGES:DISADVANTAGES:Advantages & Disadvantages

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25MEMBERSHIPFor access to aircraft at fixed hourly rates, clients may choose a membership program. Memberships are for those who wish to fly often but do not want the financial commitment of fractional programs or the restrictions of jet card programs.Memberships save travelers the time and confusion of negotiating price, terms, selecting aircraft and arranging payments for individual flights, and provide more flexibility than fractional and jet card programs. Most programs require clients to pay a membership initiation fee and then ongoing annual fees. Depending on the program, the fees can range from a few thousand to tens of thousands per year. Membership programs vary greatly based on provider. It is important to compare pricing structure, membership fees, interchange fees, aircraft selection and availability, booking time requirements, peak day policies, safety programs and certifications, and more. A reputable service provider will readily reveal all of these details.CONSIDERATIONS:• Be certain that the provider is a licensed FAA air carrier. Some providers draw in clients then hand them off to a third party FAA license holder which diminishes personalized, high-touch service and creates communication gaps. Look for a provider who handles all aspects of travel, from start to finish.• Many providers charge hourly rates that are not particularly competitive with other fixed- rate programs.• Most providers charge membership fees, interchange fees, annual fees and other fees — it pays to shop for the best program.• Penalty fees may apply if passengers are more than 30 minutes late for departures.• Like the commercial airlines, tightly booked schedules mean that a delay on a previous leg may impact departures later in the day. • Aircraft availability may vary greatly among providers. Look for a provider with access to a large selection of aircraft for the most flexibility.• Moderate to low or no cost of entry• Fixed hourly rates• Round trip discounts• Generous flight cancellation policies• Priority booking status over non-membersDISADVANTAGES:ADVANTAGES:• Flight leg minimums of 1 hour are typical• Scheduling can be less flexible than fractional ownership and Jet Card programs• There may be restrictions against the use of multiple aircraft on a single day or interchange fees• Membership fee and hourly rate increases are typical• Poor safety oversight resulting in frequent minor incidents among membership operators, mostly runway runoffs due to pilot error• No guarantee of aircraft availabilityAdvantages & Disadvantages

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27ON-DEMAND CHARTERThere are approximately 2,200 charter operators in the United States with varying fleet age, clean operating history and financial stability. There are hundreds of providers, with anywhere from 1–100 aircraft and varying levels of acceptable quality and safety.While the FAA regulates the industry, there is a wide spectrum of what is acceptable from a quality or safety perspective. Charter providers may utilize older aircraft or aircraft that would not clear standards in Jet Card or fractional programs.Service levels are generally lower with on-demand charter because airlines deprioritize customer service for charter buyers. Airlines prioritize FAA compliance and aircraft management, with plane owners being the primary customer.CONSIDERATIONS:On-demand charter does not offer transparent pricing or fixed rates with charter. Pricing is determined based on demand and negotiated for each trip. This means holiday or peak travel can cost far more.Quality standards for aircraft age, insurance levels and pilot experience vary significantly among providers. Carefully vet each operator, aircraft and pilot every flight.With on-demand charter, the client assumes the cost for any deadhead flying associated with a flight.When using an on-demand charter, principals should consider engaging a private aviation consultant to handle procurement and ensure safety and reliability.• No upfront commitment, only pay for what you need• Wide choice of aircraft and providers (not locked into one aircraft type)• Lower hourly rates• Ability to engage multiple aircraft simultaneously• Ability to select crew• Ability to swap aircraft for anonymity• Worldwide capability• Vetting, negotiating and contracting for each trip• Severe trip cancellation penalties• Market fluctuation means pricing can vary widely based on the time of year or even the day of the week• Levels of service vary greatly from company to company• No guarantees on availability and aircraft owners. Aircraft may be cancelled even after a trip is confirmed and paid• No guaranteed recovery in the case of mechanical issues • Risk of poor client service• No operator commitment without substantial purchasing power and thousands of hours per annumADVANTAGES: DISADVANTAGES:Advantages & Disadvantages

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29Private aviation provides a level of privacy, service and convenience that is not available through commercial airline travel. The benefits of private jet travel are far reaching, from reduced travel time and increased productivity to improved safety and luxurious comfort. There are many considerations and wide-ranging options available. Today, new and used aircraft inventories are high, which can benefit those considering whole ownership. But whole ownership is a major investment with myriad considerations. While fractional ownership may seem like a more appealing option, the market is rapidly changing. Instability caused by mergers and acquisitions, high CEO turnover, ongoing pilot labor disputes, cancelled aircraft orders and the emergence of more favorable Jet Card programs has contributed to a downturn in the market. With weakening competition in the fractional ownership market, there is increased competition among Jet Card providers and membership programs — which can be beneficial to the consumer. The membership model can be appealing to those seeking a moderate entry fee and access to a fleet of aircraft owned, operated and controlled by a single provider. Depending on the provider, membership programs may have limitations in the form of membership fees, annual fees, fee increases, limited aircraft availability and scheduling restrictions.Jet Card and membership program benefits can vary greatly among providers, so it is crucial to research and compare options before making a selection. Look for a provider who offers a broader, more flexible private aviation experience with perks such as guaranteed availability to aircraft, more extensive selection of aircraft make and model, lower capital commitment and fixed, transparent pricing.MARKET CONSIDERATIONS

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33Whole Ownership seekers should work with a consultant to determine budget and needs, consider the pros and cons of new and used, then carefully research the market landscape. Beware of the many agents and brokers who are ready to sell you a poor investment. Focus on aircraft models that have sold well as repairs and maintenance facilities, parts and even pilots will be easier to secure.Fractional Ownership, which uses a proprietary, closed fleet, sells travelers a share in a particular aircraft make and model. While the program does not guarantee access to that particular make/model, and frequently results in “off-fleeting” to charter market aircraft, fractional companies are generally good about providing a complimentary upgrade if the traveler’s aircraft is not available.The inherent challenge with buying into a specific make/model is that it may not be appropriate for every single trip. Fractional programs allow members to upgrade or downgrade their aircraft on a trip-by-trip basis, but this is not guaranteed (members cannot change on peak period days) They also assess interchange fees that are disproportionate to the value of the flight.Moreover, travelers are limited to the aircraft selection offered through the fractional program, rather than the broader private jet universe of options. AIRCRAFT SELECTION FACTORS VARYJet Cards, which use the same fleet as an on-demand charter, allow travelers to choose an aircraft ‘category’ (light, midsize, super-mid or heavy), and sometimes a ‘class’ (newer or older). Aircraft in each category tend to be homogeneous.Travelers often need to know the exact belted seating capacity, luggage capacity and seating layout when making their travel plans (as opposed to 12 hours before their trip). With jet cards, this can be a challenge if the specific provider’s program includes any category interchange barriers.Memberships,like fractional ownership, often use a closed fleet which means selling travelers a share or access to a particular aircraft make and model that is owned, but not operated, by the program provider. As this type of program evolves, so do the program options. Look for a provider offering a large and flexible selection of aircraft with the ability to switch aircraft categories based on need and without penalty.On-Demand Charter fleets range from a single aircraft to several dozens. Operators are regionally based and tend to have a mix of makes, models and ages based on what management contracts they win from whole aircraft owners.

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35EXECUTIVE AIRCRAFT CHOICESKing Air 350Pilatus PC-12Citation MustangPhenom 100Very light jet & TurbopropLight-sizeMid-sizeSuper-midHeavy JetUltra Long range (ULR) JetVIP AirlinerAIRCRAFT SIZE AIRCRAFT MODEL RANGE SPEED PASSENGER SEATS FEATURES1,000 to 1,300 nm450 to 1,100 nm1,550 to 2,000 nm3,300 to 4,500 nm3,000 to 5,000 nm5,000 to 7,000 nm4,000 to 7,000 nm300 to 380 mph500 to 600 mphVLJ: 4 Turboprop: 4 to 88 to 9380 to 490 mph460 to 600 mph5 to 710 to 14420 to 490 mph60 to 600 mph500 to 600 mph7 to 810 to 1415 to 30Citation CJ2/CJ3/CJ4Citation Encore/BravoHawker 400XPLear 45 / 75Phenom 300Challenger 300/350 Citation SovereignCitation X Hawker 1000/4000 Falcon 50Challenger 604/605/850 Falcon 2000 / 900 Gulfstream G450/IV/IV-SPLegacy 600 / 650Falcon 7X/8X Global XRS/5000/6000Global 7000/8000Gulfstream G550/V Gulfstream G650/ G600Airbus ACJ318 / ACJ319 Bo eing Business Jet (B BJ) Embraer Lineage 1000Citation Excel/XL/XLSHawker 800XPLear 60Less range, lower speeds, access to shorter runways, limited availability outside of ownershipEcient for 5 to 6 adults or less. Typically ﬂy 3 hours without refuelingSigniﬁcant storage and seating with transcontinental range. Can accommodate golf clubs and skis. Faster than light and mid aircraftPlenty of baggage space, and privacy. Equipped for long range and trans-Atlantic/Paciﬁc travel. Intercontinental range and space to spread out. A ﬂight attendant is standard. Include ovens and refrigeration, key for long ﬂights where travelers might be served 2 to 3 meals during one ﬂight leg. Intercontinental range and cabins conﬁgured with multiple zones to accommodate socializing, work, privacy or rest. Staterooms including queen size beds and ensuite bathroom with showers are not unusual.More space and storage. Added cabin height and range compared to light jetsVERY LIGHT/ LIGHT JETHEAVY / ULR JETMIDSIZE JETVIP AIRLINERSUPER-MIDSIZE JET4’ 9” 5’ 9” 6’ 1”HAWKER 400XP HAWKER 800XP CHALLENGER 300 / 3504’ 11” 6’ 5’ 1”7’ 1”VIP AIRLINER6’ 2”BBJ6’ 2”7’ 1”7’ 4”11’ 7”GULFSTREAM G550CABIN SIZE IS A KEY DIFFERENTIATOR BETWEEN AIRCRAFT CATEGORIES.All executive aircraft have luxuriously comfortable, deep reclining seats. In terms of cabin size, the larger the cabin, the easier it is to navigate. Very light and light jets have a center aisle height of about 4’ 9” or less, which feels like traveling in a limousine or van; passengers must crouch to stand or walk, but will enjoy a perfectly comfortable ride when seated. For the larger cabins, having space to move about and socialize once at cruising altitude truly makes longer flights more enjoyable. Passengers with limited mobility will find travel far easier using midsize jets or larger since it is unnecessary to crouch when moving about.

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41SAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – VERY LIGHT JETCITATION MUSTANGCABIN DIMENSIONSLength 15’ 6” Height 4’ 9” Width 4’ 11”LUGGAGE CAPACITY53 cubic feetCABIN AMENITIESFast and fuel efficient Generous baggage space Perfect for short hopsSEATING4NBAA RANGEMax Hours: 3.5 Max Distance: 1,100 nmCRUISING SPEED400 MPHSAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.SAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – LIGHT JETHAWKER 400XPCABIN DIMENSIONSLength 15’ 6” Height 4’ 9” Width 4’ 11”LUGGAGE CAPACITY52 cubic feetCABIN AMENITIESDeeply reclining seats Beautiful woodwork and finishes Private, fully enclosed lavatorySEATING6-8NBAA RANGEMax Hours: 3.5 Max Distance: 1,100 nmCRUISING SPEED530 MPHSAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI Available on select tail numbers.

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43CITATION XLSCITATION SOVEREIGNCABIN DIMENSIONSLength: 18’ 5” Height: 5’ 5” Width: 5’ 7”LUGGAGE CAPACITY80 cubic feetCABIN AMENITIESStand-up cabin Spacious private lavatory GalleyCABIN DIMENSIONSLength: 25’ 3” Height: 5’ 6” Width: 5’ 5”LUGGAGE CAPACITY100 cubic feetCABIN AMENITIESStand-up cabin Spacious private lavatory GalleySEATING8 NBAA RANGEMax Hours: 5.5 Max Distance: 2,000nmCRUISING SPEED407 MPHSEATING8 NBAA RANGE Max Distance: 3,200 nmCRUISING SPEED495 MPHSAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – MIDSIZE JETSAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – MIDSIZE JETSAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI Available on select tail numbers.SAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI Available on select tail numbers.

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45CHALLENGER 350CABIN DIMENSIONSLength: 28’ 7”Height: 6’ 1”Width: 5’ 1”LUGGAGE CAPACITY115 cubic feetCABIN AMENITIESSuperior legroomEasily accessible electric outletsSpacious cabinSEATING8-9NBAA RANGEMax Hours: 6.0Max Distance: 3,500nmCRUISING SPEED545 MPHSAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – SUPER-MIDSIZESAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI Available on select tail numbers.GULFSTREAM G550CABIN DIMENSIONSLength: 44’Height: 6’ 2”Width: 7’ 4”LUGGAGE CAPACITY198 cubic feetCABIN AMENITIESBeautiful woodwork and leatherEntertainment systemsPlenty of space for work, leisure or restSEATING10-14NBAA RANGEMax Hours: 12.0Max Distance: 6,250CRUISING SPEED560 MPHSAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – HEAVY/ULR JETSAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI Available on select tail numbers.

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47FALCON 7XCABIN DIMENSIONSLength: 39’Height: 6’ 2”Width: 7’ 8”LUGGAGE CAPACITY131 cubic feetCABIN AMENITIESBeautiful woodwork and leatherPlenty of space for work, leisure or restSEATINGSeats 14 passengers Sleeps 6 passengersNBAA RANGE5,950 NM6,847 milesCRUISING SPEED559 MPHSAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – HEAVY/ULDRJETSAFETYThis plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI Available on select tail numbers.CABIN DIMENSIONSLength 79’ 3” Height 7’ Width 10’ 6”LUGGAGE CAPACITY525 cubic feet CABIN AMENITIES Private bedroom Three restrooms Full galley SEATINGBelted Seats: 18 Berthable Seats (Sleeping Config): 12 NBAA RANGE Max Distance: 7000 nm CRUISING SPEED550 MPHBOEING BUSINESS JET (BBJ)SAMPLE LAYOUT OF PASSENGER ACCOMMODATIONS – VIP AIRLINER JETSAFETY This plane is PJS Safety Certified, inquire regarding further safety certificates.WIFI International WIFI

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49ACCESSIBILITYVERY LIGHT JETCitation Mustang 4’ 6” 4’ 7” 9’ 9” 63 No 4000 75%Phenom 100 4’ 11” 5’ 1” 12’ 8” 67 Yes 4500 61%LIGHT JET Citation CJ2/CJ3/CJ4 4’ 7” 4’ 9” 14’ 1” to 17’ 4” 64 to 77 Yes 4500 61%Citation Encore/Bravo 4’ 7” 4’ 8” 16’ to 17’ 3” 65 Yes 4500 61%Hawker 400XP 4’ 9” 4’ 11” 15’ 6” 52 Yes 5000 53%Lear 45/75 4’ 11” 5’ 1” 17’ 8” 65 Yes 5000 53%Phenom 300 5’ 8” 5’ 6” 18’ 6” 79 Yes 4500 61%MIDSIZE JETCitation Excel/XL/XLS 5’ 8” 5’ 6” 18’ 6” 79 to 90 Yes 5000 53%Hawker 800XP 5’ 7” 6’ 21’ 3” 48 Yes 5000 53%Lear 60 5’ 8” 5’ 11” 17’ 8” 55 Yes 5000 53%SUPER-MIDSIZE JETChallenger 300/350 6’ 1” 5’ 1” 28’ 7” 105 to 115 Yes 5000 53%Citation Sovereign 5’ 8” 5’ 6” 25’ 3” 100 Yes 5000 53%Citation X 6’ 1” 5’ 1” 28’ 7” 85 Yes 5000 53%Hawker 1000/4000 5’ 8” 6’ 24’ 5” 65 to 72 Yes 5000 53%Falcon 50 5’ 8” 6’ 1” 23’ 5” 90 Yes 4500 61% CABIN HEIGHT CABIN WIDTH CABIN LENGTH CARGO SPACE PRIVATE REQUIRED RUNWAY % OF AIRPORTS (IN FEET) (IN FEET) (IN FEET) (IN CUBIC FEET) LAVATORY (LENGTH IN FEET) ACCESSIBLEVERY LIGHT TO SUPER-MID HEAVY JET TO VIP AIRLINERHEAV Y JE TChallenger 604/605/850 6’ 1” 8’ 2” 28’ to 48’ 5” 115 to 296 Yes 5000 54%Falcon 2000/900 6’ 2” 7’ 8” 26’ 2” to 39’ 127 to 131 Yes 4500 61%Gulfstream G450/IV/IV-SP 6’ 2” 7’ 4” 40’ 4” 169 Yes 5000 53%Legacy 600/650 6’ 6’ 9” 49’ 8” 286 Yes 5000 53%ULTRA LONG RANGE JET Falcon 7X 6’ 2” 7’ 8” 39’ 1” 141 Yes 5000 53%Global XRS/5000/6000 6’ 3” 8’ 2” 42’ 6” 195 Yes 5000 53%Gulfstream G550/V 6’ 2” 7’ 4” 43’ 11” 198 Yes 5000 53%Gulfstream G650 6’ 2” 7’ 3” 45’ 1” 169 Yes 5500 34%VIP AIRLINERBBJ 7’ 1” 11’ 7” 79’ 4” 3998 Yes 6600 19%ACJ319 7’ 3” 12’ 2” 78’ 283 Yes 6800 17% CABIN HEIGHT CABIN WIDTH CABIN LENGTH CARGO SPACE PRIVATE REQUIRED RUNWAY % OF AIRPORTS (IN FEET) (IN FEET) (IN FEET) (IN CUBIC FEET) LAVATORY (LENGTH IN FEET) ACCESSIBLE

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53FAR Part 91: Private operation. Any U.S. aircraft can operate under FAR Part 91 when it is non-revenue generating flight such as when the owner uses the aircraft. Pilots or aircraft owners manage aircraft maintenance, fuel reserves planning, runway selection, pilot training, pilot rest and duty day guidelines. The aircraft owner is responsible for these instead of being regulated by the FAA. Corporate flight departments and wholly owned aircraft operate aircraft under FAR Part 91.FAR Part 91K: Semi-private operation. Since 2005, aircraft under fractional ownership may no longer operate under Part 91 and must now follow a program operating manual. Part 91 subpart K rules are similar but not as stringent as Part 135 regarding aircraft maintenance, fuel reserves planning, runway selection, pilot training, pilot rest and duty day guidelines.FAR Part 135: Licensed commercial operation. Any U.S. aircraft with 30 or fewer seats has to operate under Part 135 operating certificate on revenue generating flights. Part 135 regulations dictate aircraft maintenance scheduling, runway length requirements, fuel reserves planning, pilot rest and duty day scheduling, and other factors for the sake of ensuring safe operations. Charter operators must hold and maintain Part 135 certification. The FAA oversees compliance. FAR Part 121: Licensed commercial operation. Any U.S. aircraft with more than 30 seats have to operate under a Part 121 regulations. Part 121 regulations are more stringent than Part 135 with regards to maintenance scheduling, runway length requirements, fuel reserves planning, pilot rest and duty day scheduling, and other factors for the sake of ensuring safe operations. Commercial airlines and charter operations with 30+ seat aircraft must hold and maintain Part 121 certification. Compliance is overseen by the FAA. OVERVIEW FAA FEDERAL AVIATION REGULATIONS (FAR)

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55PJS grew out of a passion for flying. We started in New Hampshire in 2003, providing a consultancy approach to private aviation with an inherent dedication to detail. This personalized approach is a core tenet of our business. We work 24 hours a day, 365 days of the year, ever-ready to fast track an aircraft anywhere on the planet. With a combined 300 years of aviation expertise, an experienced member of the PJS team can always design a customized trip or respond to a mission-critical need. Now the largest aviation consulting firm in North America, and America’s first carbon neutral private aviation company, PJS has built an international reputation for delivering integrated, innovative and sustainable solutions. We address both the big plans and the minute details, tailoring every aspect of air travel for our loyal customers. Our approach combines the exclusivity of aircraft ownership with the expertise of the largest team of aviation professionals available in the industry. Our membership program is the most transparent and flexible available, offering unlimited 24/7/365 global access to aircraft, fixed competitive rates with no hidden fees, round trip discounts, a minimum of two contingency plans for every flight and unsurpassed safety - always.ABOUT PJSI. SITUATION ANALYSIS AND EXPECTED 5-YEAR CHANGE IN CLIENT TRAVEL• Principal’s travel •Routes, time, satisfaction levels• Senior staff travel •Routes, time, satisfaction levels• Other staff travel •Routes, time, satisfaction levelsII. ROI STUDY• Current travel costs• Projected costs of corporate aviation• Projected savings of corporate aviation• Projected return on investment of corporate aviation III. SOLUTION STUDY• Private aviation market overview• Corporate aviation solutions• Summary of each solution• Cost-benefits analysis of each solution a typical engagement addresses the following detailed goals:IV. IMPACT OF EACH SOLUTION ON THE PRINCIPAL• Business impact and consideration• Balance sheet impact• Cash flow impact• Public and investor relations impact• ROI of each solution• Ranking of solutions and prioritization of partners V. IMPLEMENTATION PLANNING• Segment summary• Contracting and negotiation guidelines• Proposed contracting timeline• Contracting review

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Aviation 101

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