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AI2 Market Report
Asset Insight Index Market Report
Jet & Turboprop Aircraft – November 2014
Welcome to the November 2014 issue of the Asset Insight Index Market Report (“AI2 Market Report”), a
monthly publication from Asset Insight. This “AI2 Market Report” utilizes Asset Insight’s proprietary Asset
Grading System Process TM (AGSP) to analyze the average maintenance condition of jet and turboprop aircraft
listed for sale as of October 30th, 2014 (Source: AMSTAT www.amstatcorp.com).
The AGSP is based on patented algorithms analyzing current age, flight hours and cycles on an aircraft’s
systems and Major Sectors – airframe, engine(s), propeller(s), APU, paint, and passenger interior – as well as
the typical cost to repair or replace parts with no defined life. The Process provides a standardized scale that
enables buyers, sellers, financiers and other interested parties to:


Objectively analyze and grade an aircraft’s maintenance condition relative to the manufacturer’s
approved maintenance program.
Compare any aircraft’s maintenance condition to another aircraft listed for sale to justify an asking or
offering price for a listed aircraft.
The Asset Insight Index, derived from the AGSP, evaluates three aspects of an aircraft’s maintenance.
Following is an explanation of each Index component and what the figures represent (see pages 9 – 10):
Maintenance Rating – Asset Technical Condition Score (“ATC Score”)
Grades the aircraft’s maintenance status relative to its optimal maintenance condition
-5.000 – 2.000
3.000
4.000 – 6.000
7.000
8.000 – 10.000
Poor
Asset
Quality
Below average asset
quality due to upcoming
scheduled maintenance
Most aircraft will Score within
this range, representing good
asset quality
Very good asset quality
(usually associated with
recent production aircraft)
Exceptional asset quality
(typical of new, or nearly
new, production aircraft)
Financial Rating – Asset Technical Financial Condition Score (“ATFC Score”)
Grades the aircraft’s scheduled maintenance events cost associated with its ATC Score
0.000
All scheduled
maintenance
events due
3.000
4.000 – 6.000
7.000
10.000
Aircraft burdened by
upcoming, high cost, scheduled
maintenance events
Most aircraft will Score
within this maintenance
status cost range
Aircraft facing only
relatively low-cost
maintenance events
Newly
Manufactured
aircraft
Asset Exposure – Asset Technical Financial Exposure Value (“ATFE Value”)
Measures the aircraft’s accumulated / future maintenance-related financial exposure
Max $ Exposure for Make/Model
$0 Maintenance Exposure
Maintenance financial
exposure equal to cost of one
complete maintenance cycle
Typical aircraft
maintenance cost
exposure range
Newly
Manufactured
aircraft
The AI2 Market Report also analyzes the Asset Exposure to Price Ratio (“ETP Ratio”). Representing an
aircraft’s “debt ratio,” the ETP Ratio (see page 7) is calculated by dividing the Asset Exposure value by the
aircraft’s Ask Price. Accordingly, as the ETP Ratio decreases, an aircraft’s “value” increases (in relation to its
Ask Price). Conversely, aircraft whose ETP Ratio exceeds 40% are burdened, on average, with an excessive
level of Asset Exposure in relation to their Ask Price (see page 10).
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Overall Market
Summary: very good overall asset quality; improved Ask Price; improved Asset Exposure
Asset quality for the 76 fixed-wing models and 1,514 aircraft listed “for sale” researched on October 30th
revealed that quality assets are trading, as the number of aircraft listed for sale decreased by 28 this month.
With higher quality assets leaving the “for sale” inventory, the average Maintenance Rating and Financial
Rating fell by 3.8 and 6.3 AI2 basis points, respectively, while the Asset Exposure figure improved by another
$49k due to completion of scheduled maintenance. Of the aircraft tracked by Asset Insight (see page 8),
35.5% (unchanged for the fourth consecutive month) generated an Asset Exposure vs. Ask Price Ratio (“ETP
Ratio”) of 40% or more. We consider an ETP Ratio above the 40% level to be excessive in relation to the
aircraft’s Ask Price (see page 7), so while there was another improvement this month, from 46.8% to 44.7%
(with all groups contributing), the ETP Ratio remained high. Average Ask Price registered a 7.2%
improvement (with only Large and Medium Jets participating), rising to $5.94 Million – the highest value
since May – and along with the decrease in Asset Exposure, improved the industry’s overall ETP Ratio.
AI2 Index – Monthly Comparison – Overall Market
Maintenance Rating
"ATC Score"
Financial Rating
"ATFC Score"
10.000
10.000
5.425
5.387
5.075
5.012
-5.000
0.000
 0.038
 0.063
Optimal
Sep '14
Oct '14
Minimal
Change
Asset Exposure
"ATFE Value"
$1,377,813
$1,328,471
 $49,342
AI2 Index – Market Trend – Overall Market
AI2 Components – 90-Day Comparison by Sector
Maintenance Rating
"ATC Score"
Financial Rating
"ATFC Score"
6.0
Assert Exposure
"ATFE Value"
5.5
$3.0
5.5
$2.0
5.0
5.0
$1.0
4.5
4.5
Aug-14
Sep-14
Large Jets
Oct-14
$0.0
Aug-14
Medium Jets
Sep-14
Oct-14
Small Jets
$Mil
Aug-14
Sep-14
Oct-14
Turboprops
Source for all graphs: AMSTAT (www.amstatcorp.com), Asset Insight research
Page 2 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Large Jets
Summary: excellent asset quality; higher Ask Price; lower Asset Exposure; best ETP Ratio among all groups
While still registering strong figures, Large Jets could not maintain an increase in all three Asset Insight Index
components for a third consecutive month. Maintenance Rating for the 29 models and 384 aircraft (6 more
than last month) researched on October 30th fell 21.6 AI2 basis points below September’s record figure, and
the group’s Financial Rating dropped 12.3 AI2 basis point. Asset Exposure did improve for the third
consecutive month, decreasing by a substantive $269k and improving to a figure lower than the 12-month
average. Ask Price increased 5.5%, reaching $16.55 Mil and rising above the group’s 12-month average of
$16.29 Mil. Seven of 29 Large Jets (same as last month) registered an ETP Ratio of 40% or more (see page 7),
but the group’s price increase helped improve its ETP Ratio to 31.1% (best among all groups) from last
month’s 33.5%. While Large Jets gave up more ground to Medium Jets this month, they still captured first
place in the Ratings and Sellers should be pleased that the figures included an Ask Price improvement.
AI2 Index – Monthly Comparison – Large Jets
Optimal
Sep '14
Oct '14
Minimal
Change
Maintenance Rating
"ATC Score"
Financial Rating
"ATFC Score"
10.000
10.000
5.964
5.748
4.987
4.864
-5.000
0.000
 0.216
 0.123
Asset Exposure
"ATFE Value"
$3,125,458
$2,855,983
 $269,475
AI2 Index – Market Trend – Large Jets
Ask Price vs. Asset Exposure to Ask Price Ratio (“ETP Ratio”) – Large Jets
Source: AMSTAT (www.amstatcorp.com), Asset Insight research
Page 3 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Medium Jets
Summary: excellent asset quality; Ask Price just below 12-month peak; high Asset Exposure and ETP Ratio
Asset quality for the 26 tracked models and 482 aircraft (22 less than last month) researched on October 30th,
evidenced improvement in all three Asset Insight Index components. Maintenance Rating rose slightly (1.4
AI2 basis points), Financial Rating improved 5.8 AI2 basis points to achieve its best figure of the past 12
months, while Asset Exposure decreased nearly $20k. The ETP Ratio for Medium Jets improved to 45.0%
from 48.2%, with 12 of the 26 tracked models (same as last month) posting an ETP Ratio of 40% or more (see
page 7). Ask Price increased 2.4% to $3.75 Mil, just $20k shy of the group’s 12-month high. Medium Jet
Ratings were excellent this month, placing them just behind Large Jets, but the relatively high Asset Exposure
value is likely to be reflected in the offer prices tendered by experienced buyers.
AI2 Index – Monthly Comparison – Medium Jets
Optimal
Sep '14
Oct '14
Minimal
Change
Maintenance Rating
"ATC Score"
Financial Rating
"ATFC Score"
10.000
10.000
5.416
5.430
5.059
5.117
-5.000
0.000
 0.014
 0.058
Asset Exposure
"ATFE Value"
$1,182,909
$1,163,148
 $19,761
AI2 Index – Market Trend – Medium Jets
Ask Price vs. Asset Exposure to Ask Price Ratio (“ETP Ratio”) – Medium Jets
Source: AMSTAT (www.amstatcorp.com), Asset Insight research
Page 4 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Small Jets
Summary: very good asset quality; near 12-month low Ask Price; ETP Ratio the worst among all groups and
not conducive to deal making
Small Jets continue to register mixed results. Maintenance Rating for the 12 models and 344 aircraft (3 less
than last month) researched on October 30th improved by 10.5 AI2 basis points to achieve the best Rating
since May, but the Financial Rating fell by 12.0 AI2 basis points from September’s 12-month record high,
while Asset Exposure improved to its best figure since June, dropping nearly $40k. For the fourth consecutive
month, three of the 12 models we analyzed generated an ETP Ratio (see page 7) in excess of 40%, but the
group’s Ratio improved a bit to 60.8% from last month’s 62.1%. Small Jet Ask Price fell slightly (0.2%) from
last month’s $1.79 Million, registering $1.78 Million – just above the group’s 12-month low of $1.77 Mil.
While Asset Exposure has improved since August’s $687k 12-month peak figure, the Exposure is still too close
to the group’s Ask Price, creating an ETP Ratio that is not conducive to deal making. In short, Small Jet
Ratings are good, but offer prices from prospective buyers are unlikely to appeal to prospective sellers.
AI2 Index – Monthly Comparison – Small Jets
Optimal
Sep '14
Oct '14
Minimal
Change
Maintenance Rating
"ATC Score"
Financial Rating
"ATFC Score"
10.000
10.000
5.174
5.277
5.184
5.064
-5.000
0.000
 0.103
 0.120
Asset Exposure
"ATFE Value"
$672,802
$633,878
 $38,924
2
AI Index – Market Trend – Small Jets
Ask Price vs. Asset Exposure to Ask Price Ratio (“ETP Ratio”) – Small Jets
Source: AMSTAT (www.amstatcorp.com), Asset Insight research
Page 5 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Turboprops
Summary: good asset quality; third consecutive monthly record low Ask Price; slightly improved ETP Ratio
On the surface, it would appear that Turboprop asset quality took a turn for the worse last month, but that is
only part of the story, as nine fewer units were part of the 9 models and 304 aircraft researched on October
30th. Maintenance Rating and Financial Rating fell 13.0 and 12.4 AI2 basis points, respectively, while Asset
Exposure remained virtually flat. Five of the nine models we track had an Exposure to Price Ratio of 40% or
more (see page 7), with this group’s ETP Ratio also improving, albeit slightly, to 41.2% from 41.6%. Following
the path of the Asset Insight Index, the group’s Ask Price fell 4.2% resulting in the third consecutive monthly
drop and 12-month low figure – just under $1.57 Million compared to last month’s $1.63 Million. In view of
the group’s Index improvement and record low Ask Price last month, we advised buyers to seize the
opportunity to optimize their value by focusing on asset quality rather aircraft price. It would appear that
some buyers listened. Those who did not now face “quality challenges” but, given time, that will change.
AI2 Index – Monthly Comparison - Turboprops
Optimal
Sep '14
Oct '14
Minimal
Change
Maintenance Rating
"ATC Score"
Financial Rating
"ATFC Score"
10.000
10.000
5.126
4.996
5.075
4.951
-5.000
0.000
 0.130
 0.124
Asset Exposure
"ATFE Value"
$558,939
$559,520
 $581
AI2 Index – Market Trend - Turboprops
Ask Price vs. Asset Exposure to Ask Price Ratio (“ETP Ratio”) – Turboprops
Source: AMSTAT (www.amstatcorp.com), Asset Insight research
Page 6 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Exposure to Price Ratio (“ETP Ratio”)
Spread in the ratio of Asset Exposure to aircraft Ask Price (“ETP Ratio”) widened by 15 percentage points this
month, however the average for aircraft we track continued to decrease, falling from 46.8% to 44.7%. We
consider anything over 40% to represent excessive Asset Exposure in relation to Ask Price, so the average ETP
Ratio remains high. A slight improvement is the average Asset Exposure figure, coupled with a 7.2% average
Ask Price increase, led to this month’s ETP Ratio improvement.
ETP Ratio by Jet and Turboprop Aircraft Group
60.0%
Excessive
ETP Ratio
Level
40.0%
20.0%
N
D
Large
J
F
M
Medium
A
M
Small
J
J
A
Turboprop
S
O
Average
ETP Ratio by Aircraft Model
Model
F900LX
Boeing BBJ
F2000LX
G550
F900EX EASy
G 450
Falcon2000EX Easy
CL-605
Hawker 900XP
Citation CJ3
Citation XLS (MSG3)
G-150
Premier 1A
F2000EX
Citation CJ1+
F900C
F900EX
Phenom 100
Citation Encore
Global XRS
Learjet 60XR
Challenger 300
Piper Meridian
Global 5000
ETP Ratio
2.7%
4.5%
5.0%
6.1%
7.5%
8.8%
9.7%
10.0%
10.3%
10.9%
11.0%
11.7%
12.6%
12.9%
13.1%
13.4%
13.6%
14.3%
15.7%
16.4%
16.8%
16.8%
17.7%
17.8%
Model
Citation CJ2
G-200
Citation XLS
CL-601-SE
Falcon 50EX
Embraer Legacy 600
Falcon 2000
Pilatus PC-12
KingAir 350
Hawker 400XP
Learjet 45XR
Citation X (MSG3)
Global Express
CL-604
Learjet 45 w/APU
Citation Bravo
Citation V Ultra
Premier 1
KingAir B-200
Learjet 45
Hawker 800XP
Piaggio P-180 II
Falcon 50
ETP Ratio
18.1%
19.3%
19.7%
21.5%
22.4%
22.5%
23.0%
24.1%
24.6%
26.0%
27.3%
28.9%
29.0%
30.8%
31.0%
31.1%
31.8%
35.2%
36.3%
36.7%
40.1%
41.2%
42.7%
Model
Learjet 55C
GV
G-100
KingAir 300
GIV-SP (MSG3)
Hawker 1000A
Citation VI
Piaggio P-180
GIV
GIV-SP
Learjet 60
CL-601-3R
Learjet 55
Learjet 31
Hawker Beechjet 400A
Hawker 800A
KingAir C90
Citation II
CL-601-3A
Falcon 20-5
Hawker Beechjet 400
Beech B-1900C
Learjet 35A
CL-601-1A
ETP Ratio
43.4%
44.9%
47.3%
48.5%
49.1%
58.5%
58.5%
59.4%
62.3%
62.9%
63.6%
65.5%
69.1%
70.7%
70.8%
70.8%
76.1%
80.4%
91.1%
100.8%
107.2%
124.9%
140.8%
152.0%
ETP Ratio Calculation & Significance
The Asset Exposure to Price Ratio (“ETP Ratio”) is calculated by dividing the aircraft’s Asset Exposure (the accrued
cost of future scheduled maintenance) by its Ask Price. Accordingly, as the ETP Ratio decreases, the aircraft’s
“value” increases (in relation to its Ask Price). Aircraft whose ETP Ratio is above 40% (shown in red) are
burdened, on average, with an excessive level of maintenance Asset Exposure in relation to their Ask Price.
Page 7 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Market AI2 Index Aircraft
Following is a list of the aircraft analyzed by Asset Insight to produce this report:
Large Jets
Beechcraft-Hawker:
Medium Jets
Small Jets







Beechjet 400
Beechjet 400A
Hawker 400XP
Hawker 800A
Hawker 800XP
Hawker 900XP
Hawker 1000A
 Premier 1
 Premier 1A







Challenger 300
Learjet 45; 45 w/APU
Learjet 45XR
Learjet 55-55A
Learjet 55C
Learjet 60
Learjet 60XR
 Learjet 31
 Learjet 35A




Citation VI
Citation X (MSG3)
Citation XLS; XLS (MSG3)
Citation XLS+ (MSG3)







Turboprops





King Air C90
King Air B-200
King Air 300
King Air 350
B-1900C
Boeing:
 BBJ
Bombardier:






CL-601-1A; 3A; -3R; -SE
CL-604
CL-605
Global 5000
Global Express
Global XRS
Cessna:
Citation II
Citation CJ1+
Citation CJ2
Citation CJ3
Citation Bravo
Citation V Ultra
Citation Encore
Dassault Falcon Jet:











F2000
F2000DX
F2000EX
Falcon2000EX Easy
F2000LX
F900
F900C
F900DX
F900EX
F900EX Easy
F900LX
 Falcon 50EX
 Falcon 50
 Falcon 20-5
Embraer:
 Legacy 600
 Phenom 100
Gulfstream:






G-IV
GIV-SP & GIV-SP (MSG3)
GV
G350
G450
G550
 G-100
 G-150
 G-200
Piaggio:
 Piaggio P-180; P180 II
Pilatus:
 PC-12
Piper:
 Malibu Meridian
Page 8 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Analysis Methodology
TM
Asset Insight, Inc. has developed a proprietary Asset Grading System Process (AGSP) that objectively evaluates
assets relative to their Optimal Maintenance Condition and provides an easy- to-understand, uniform, yet
robust, set of data that can be acted upon, on a timely basis, to protect and/or enhance an asset’s financial
performance.
The AGSP is based on patented algorithms analyzing current age, the hours and cycles on an aircraft’s Major
Sectors – airframe, engine(s), propeller(s), APU, paint, and interior – as well as the cost to repair or replace parts
with no defined life. The AGSP derives an index (the “Asset Insight Index”) providing an objective measure of an
aircraft’s current maintenance status and its related Financial Exposure going forward – that is, the financial
liability accrued with respect to future scheduled maintenance events.
The Three Components of the "Asset Insight Index"
ATC Score / ATFC Score / ATFE Value
Maintenance Rating – Asset Technical Condition Score (“ATC Score”)
The “Asset Technical Condition Score” (“ATC Score”) utilizes the Asset Grading System Process (Patent Pending)
developed by Asset Insight, Inc. to objectively evaluate and grade an aircraft's maintenance status, on a
standardized scale, relative to its Optimal Maintenance Condition (achieved on the day it came off the production
line), utilizing the aircraft's (standard/typical) Scheduled Maintenance Program. The ATC Score is based on a scale
ranging from -5.000 to 10.000, the latter reflecting a newly-produced aircraft (see scale below).
Financial Rating – Asset Technical Financial Condition Score (“ATFC Score”)
The “Asset Technical Financial Condition Score” (“ATFC Score”) evaluates and grades the Aircraft's financial
rating relative to its Optimal Maintenance Condition based on the Aircraft's ATC Score (see Maintenance Rating
above). The ATFC Score is based on a scale from 0.000 to 10.000, the latter reflecting a newly-produced aircraft
(see scale below).
To score each aircraft make/model, the average cost for completing each maintenance event comprising the ATC
Maintenance Program is determined. Having compiled the aircraft's maintenance history, the time (calendar, flight
hours or cycles) accumulated toward each individual scheduled/anticipated maintenance event is used to
determine the aircraft's ATFC Score.
The Financial Rating (ATFC Score) differs from the Maintenance Rating (ATC Score). While the ATC Score
evaluates and grades an aircraft's maintenance status relative to its Optimal Maintenance Condition, the ATFC
Score grades an aircraft's financial condition relative to its Optimal Maintenance Condition, meaning the ATFC
Score is weighted by the estimated cost to complete each maintenance event. Accordingly, the Maintenance
Page 9 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
Rating is likely to differ from the Financial Rating.
For example, if an aircraft had only two maintenance components, and if one component is three-quarters of
the way toward its overhaul while the second is one-quarter of the way toward its overhaul, their combined ATC
Score would be 5.000, based on the following calculation: (75% + 25%) / 2 X Perfect Score (10.000) = 5.000.
However, if the first of these components has an overhaul cost of $1,000, while the second has an overhaul cost
of $10,000, their combined ATFC Score would be 2.955 (see below).
Component #1
Component #2
Remaining Useful Life
75%
25%
Overhaul Cost
Remaining Financial Value
$1,000
$10,000
$11,000
$750
$2,500
$3,250
ATFC Score Calculation Methodology
Aircraft’s Financial Ratio ($3,250 / $11,000) X Perfect Score (10.000) = 2.955
Asset Exposure – Asset Technical Financial Exposure Value (“ATFE Value”)
The “Asset Technical Financial Exposure Value” (“ATFE Value”) measures the aircraft’s financial exposure based
On its maintenance condition – the liability accrued / consumed with respect to future scheduled maintenance
events – and presents this information in financial terms, as follows:
To derive an aircraft's ATFE Value, the estimated cost for completing each event comprising the ATC Maintenance
Program has been established. Having compiled an aircraft's maintenance history, the time (flight hours, landings /
cycles, and / or calendar period) accumulated toward each individual scheduled / anticipated maintenance event is
used to compute the dollar liability accrued toward that event, with the ATFE Value representing the total accrued
liability toward future maintenance events
Ask Price vs. Asset Exposure to Ask Price Ratio (“ETP Ratio”) Graph
The graph displays the relationship between each aircraft group’s “Asset Exposure to Ask Price” Ratio (the ATFE
Value divided by the Average Ask Price) and the Average Ask Price. In general, as aircraft Ask Prices rise, the Ratio
should decrease – all other factors being equal. However, the Ratio’s relationship to Ask Price is not an absolute
inverse correlation. Aircraft with a greater or lesser maintenance-related Financial Exposure, but with the same
Ask Price, may replace aircraft listed “for sale” during any given month. Accordingly, it is possible for both the
Ratio and the Ask Price lines to move in the same direction.
Asset Exposure to Ask Price Ratio (“ETP Ratio”)
The Asset Exposure to Ask Price Ratio (“ETP Ratio”) is calculated by dividing the aircraft’s ATFE Value (the financial
liability accrued with respect to future scheduled maintenance events) by its Ask Price. Accordingly, as the ETP
Ratio decreases, the aircraft’s “value” increases (in relation to its Ask Price). Aircraft whose ETP Ratio is 40% or
greater are believed to have accrued an excessive level of maintenance Asset Exposure (ATFE Value) in relation to
their Ask Price. ETP Ratios are only available in cases where a statistically significant sample of aircraft Ask Price
and maintenance status can be derived for a specific Make / Model.
Page 10 of 11
Asset Insight Index Market Report
Asset Insight, Inc.
(540) 905-4555
[email protected]
Jet & Turboprop Aircraft – November 2014
General Information
Asset Insight, Inc. (www.assetinsightinc.com) provides asset evaluation and financial optimization services. The
company’s “Asset Grading System Standard” (Patent Pending), and related analyses, provides the ability to
translate the asset’s technical condition into easy-to-understand, actionable financial information. Asset Insight is
independent of any manufacturer, appraisal firm, financial services firm, or technical services facility, enabling it to
provide an unbiased view of an asset’s condition with respect to its technical status and related financial exposure.
The company is managed by business, technical and financial professionals with significant experience in aviation
asset management.
This Analysis is not intended to represent a technical evaluation of any Aircraft. Further, the reader, or any
party using information contained in this Report, should recognize that this Report is limited in scope, and that
discrepant conditions may exist in the analyzed aircraft that were not known by Asset Insight, Inc.
The Asset Insight Index and its ATC Score, ATFC Score, and ATFE Value components are based upon the aircraft
maintenance condition information reviewed by Asset Insight, Inc. as of a certain date. Running an analysis on
any aircraft utilizing a different date, revised maintenance data and/or utilization figures will likely generate
different results.
Asset Insight, Inc. makes no representation concerning the value or condition of any aircraft. Additionally,
Asset Insight, Inc. does not warrant the accuracy of the information obtained by Asset Insight, Inc. that has
been used to produce this Report.
Copyright Notice
The information contained in this document may be copied for use in presentations, proposals, or other
business matters related to this Aircraft, provided that no money is exchanged. Additionally, the cover
sheet for all such copies shall contain the following notice in readable, bold type:
“The attached material is the proprietary information of Asset Insight, Inc.”
Asset Insight, Inc.
4310 Starwood Drive, Amissville, VA 20106
Telephone: (540) 905-4555 | www.assetinsightinc.com
Page 11 of 11