From: Richard Joslin

From: Richard Joslin Sent: Tuesday, February 10, 2015 2:10 PM To: jeffrey E. Subject: FW: BBJ SN 30751 Offer Original Message From: Jon P. Conlon (mailto Sent: Monday, February 09, 2015 7:58 AM To: Richard Joslin Subject: RE: Bel SN 30751 Offer Good Morning Richard, We have sent your revised offer to the seller's board and I hope to hear ba=k from them. With regard to SN 29173, I am not sure where you have attained the informat=on that it is under contract in the 22-23 range. I spoke to both the broke= representing the aircraft (Freestream UK) and also someone within the sel=er's inner circle over the weekend and they have categorically denied that=it is under contract to sell. They did indicate they received an offer far below the asking price which t=ey countered near $25M. The buyer apparently has not raised his initial of=er. Regardless, if and when I get feedback on your offer I will respond back. Kind Regards, Jon P. Conlon Senior Market Analyst Dulles International Airport 1 EFTA_R1_01642390 EFTA02510598 From: Richard Joslin Sent: Friday, February 6, 2015 6:02 AM To: Jon P. Conlon Subject: RE: BBJ SN 30751 Offer Jon: I appreciate your efforts to bring your seller the most up to date view of =he market. We have now learned that the actual sales price of the older p=ane noted below may be closer to $22MM. The market continues to weaken. =ur offer is good until next Wednesday. RJ Original Message From: Jon P. Conlon [manta Sent: Thursday, February 05, : To: Richard Joslin Subject: RE: BBJ SN 30751 Offer Richard, Good timing. I am in the process of putting together a recommendation for t=e seller's board of directors. I am going to recommend they lower their expectations below $30,000,000. If we are successful I should know by early next week. I appreciate your patience and am optimistic we can reach some sort of midd=e road. Thank you for the revised offer. Kind Regards, Jon P. Conlon Senior Market Analyst Dulles International Airport 2 EFTA_R1_01642391 EFTA02510599 From: Richard Joslin Sent: Thursday, February 5, 2015 12:37 PM To: Jon P. Conlon Subject: RE: BBJ SN 30751 Offer Jon: The earlier model your note below is older and will sell for less. I und=rstand that it is now under contract to sell for $23M M. That said, we wou=d be willing to increase the offer for 30751 to $28MM Please advise RJ Original Message From: Jon P. Conlon irnailtt Sent: Friday, January 23, 2015 7:17 PM To: Richard Joslin Subject: RE: BBJ SN 30751 Offer Richard, Thank you for reaching back out to me. I have been away on travels but have=been meaning to get back in touch with you but didn't want to call this la=e on a Friday evening so please excuse the lengthy email. We've done sever=l analyses for the seller to help them understand where the market lies in=relation to current data points (both sold aircraft and what is currently =vailable). I am in agreement to some extent that your valuation of SN 3075= below $30,000,000 based on recent sales is not unreasonable. From the sel=er's standpoint, they are trying to recoup some of their investment in the=interior and at the same time looking at what they are competing against. =everal months ago they were indeed competing against Mr. Wynn's aircraft b=t now that it has sold they don't see any BBJ that competes with them (at =east not below $30,000,000). The aircraft you have referenced does compete to some extent with 30751 in =hat it is a similar vintage and we are well aware of 29273 and have seen i= in person. It has been for sale since late 2009 and has seen numerous pri=e reductions from it's original $49,000,000 ask price in 2009 to it's curr=nt ask price of under $26,000,000. You are correct that it has less total =ime but the layout and interior are the main obstacle that have kept it fr=m selling. The floorplan is very poor and estimates to reconfigure it, whi=h would require removal of multiple bulkheads and other dividing structure= have been estimated anywhere from $3,000,000 to well over $6,000,000 by r=putable BBJ completion centers such as Jetbasel and Lufthansa Technik. We'=e had several buyers that were clients of Avjet who were interested in the=aircraft a few years ago with a configuration change but ended up passing =ecause of the time and cost involved. Even without a configuration change,=the interior decor is less than stellar, some have referenced that it loo=s like something out of an 18th century castle with it's inlaid wooden pan=ling and bookcases. I know it's splitting hairs but one must also consider that 29273 was one o= the first BBJ's built. It's was YGO6 (Boeing line designation) compared t= ours which was YG62. The bottom line is that we understand your position =hat the interiors are a mute point if you are going to redo them either wi=h new cosmetics or actual structural design changes such as removing bulkh=ads, chairs, tables and such. In that regard your principle is somewhat unique in this segment (early mod=l) of the market. Of the past seven early model BBJ trades (2009 - to pres=nt) only two have redone softgoods (leather, carpet, etc) and/or woodwork.=The remaining five buyers operated their new BBJ's as is with regards to t=e interior save for some entertainment work. 3 EFTA_R1_01642392 EFTA02510600 None of the seven buyers made=wholesale floor plan changes. In that regard your principle is unique and =e are attempting to get our seller to understand his perspective. With regard to your last email about other opportunities, we did in fact ma=e several calls through the marketplace for alternative options and came u= with two possibilities. The first was an early model close in production =ine number to YG06 (SN 29273 on Controller) based here in the US but the s=Iler was well north of $30,000,000. The second you may be aware of, it's a=so an early model owned by a head of state but it has a 33 passenger capac=ty and a terrible floor plan. Neither seemed like a candidate. If you are available next week in your office perhaps we can further discus= over the phone. We would really like to find your principle the right air=raft. I've enclosed a recent BBJ client report for you to review as well, =hough it seems you are fully up to speed on the market place. Kind Regards, Jon P. 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