Helicopter Price Guide

Member of ISTAT

UK CAA Approved No. UK.MG.0622

Issue: 2015/16

The International Bureau of Aviation was established in 1988 to provide independent expert business analysis and advice to the aviation industry. IBA lends its expertise and support to commercial and aviation clients, aircraft / engine manufacturers, operators and financiers.

IBA offers a wide range of services and has been involved more specifically in the helicopter market, through consultancy and appraisal work, for over 15 years.

Values are taken from IBA’s own helicopter values database. Information on transactions for various helicopter types is routinely gathered and stored in the database as part of IBA’s daily business. The information is then sorted and analysed for emerging trends in helicopter values and combined with IBA’s views on the market to produce a depreciation profile.

Whilst the techniques used and the judgments made do not isolate every single influence and reduce it to a numerical value that impacts on the overall model, it is IBA’s view that the complexity of a purely mathematical approach would produce values that were overly sensitive to minor changes in the parameters feeding it. Consequently, IBA feels that, when making an assessment of helicopter values, there is no substitute, for the blend of market research and intelligence, mathematics, and judgement based on the experience of the appraiser in this highly dynamic market.

The enclosed values are presented within a range to account for the age, utilisation and condition parameters of each helicopter type. Further, they are based on averages of baseline models.

Disclaimer

This price guide represents the opinion of IBA, and is intended to be advisory only. Therefore, IBA assumes no responsibility or legal liability for any action taken, or not taken by any party, with regard to the information provided. Information provided to IBA in confidence has been used to form the opinion expressed in this document. In order to protect this confidentiality, IBA regrets that it is unable to provide actual transactional data or to identify the sources for such data.

AIRCRAFT VALUATION METHODOLOGY

LIGHT SINGLE-ENGINED HELICOPTERS R44 Raven II 4 1.13 0.46 - 0.49 0.18 - 0.22 0.23 - 0.32 0.35 - 0.42 2002 - 2004 2005 - 2009 2010 - 2014MD 500 C/D 4 1.16 N/A 0.10 - 0.25 0.30 - 0.40 0.42 - 0.45 1966 - 1975 1976 - 1980 1981 - 1982R66 5 1.23 0.85 - 0.89 0.60 0.65 - 0.70 0.70 - 0.80 2010 2011 - 2012 2013 - 2014MD 500E 4 1.36 1.90 0.35 - 0.52 0.55 - 0.70 0.72 - 1.75 1983 - 1990 1991 - 2000 2001 - 2014Enstrom 480B 4 1.36 1.20 0.39 - 0.50 0.50 - 0.70 0.72 - 1.10 2001-2004 2005 - 2008 2009 - 2014MD 520N 4 1.52 N/A 0.65 0.65 - 0.90 0.80 - 1.00 1991 - 1995 1996 - 2001 2002 - 2009Bell 206 B3 4 1.45 N/A 0.30 - 0.45 0.50 - 0.68 0.70 - 1.05 1972 - 1989 1990 - 2000 2001 - 2010MD 530F 4 1.6 2.40 0.75 - 1.30 1.35 - 1.75 1.85 - 2.30 1983 - 1994 1995 - 2007 2008 - 2014H120 4 1.7 1.96 0.45 - 0.88 0.92 - 1.32 1.44 - 1.84 1998 - 2004 2005 - 2010 2011 - 2014MD 600N 6 1.86 2.50 0.50 - 0.75 0.8 - 1.2 1.25 - 2.00 1996 - 2000 2001 - 2006 2007 - 2014AS-350 6 1.95 N/A 0.25 - 0.65 0.45 - 0.75 0.60 - 1.85 B/B1 BA B2Bell 206L-4 6 2.02 2.45 0.8 - 1.15 1.20 - 1.57 1.64 - 2.20 1992 - 1999 2000 - 2007 2008 - 2014AS-350 B3/H125 6 2.25 2.47 1.08 - 1.37 1.44 - 1.80 1.90 - 2.45 1998 - 2004 2005 - 2009 2010 - 2014Bell 407 6 2.38 3.07 1.18 - 1.57 1.67 - 1.88 1.90 - 2.65 1996 - 2001 2002 - 2006 2007 - 2014EC130 B4 7 2.43 N/A 1.03 - 1.41 1.50 - 1.79 1.88 - 2.35 2002 - 2005 2006 - 2009 2010 - 2012H130 7 2.5 2.90 - 3.00 2.55 - 2.65 2.70 - 2.80 2013 2014 AW119 Koala/Ke 7 2.85 N/A 1.25 - 2.22 2.35 - 3.00 3.1 - 3.4 2001 - 2007 2008 - 2012 2013 - 2014AW119 Kx 7 2.85 3.60 - 3.70 3.20 - 3.30 3.40 - 3.50 2013 2014 K-MAX 2 5.44 N/A 3.2 4.2 5.2 1994 - 2003 1994 - 2003 1994 - 2003

Model Capacity MTOW 2015 Value Values (US$ mil) Values (US$ mil) Values (US$ mil) (t) (US$ mil) YOB YOB YOB

LIGHT TWIN-ENGINED HELIOPTERS (2.5 - 4.0 tonne) A109A 7 2.60 N/A 0.24 - 0.75 0.60 - 0.95 0.55 - 1.00 A (1973 - 1990) C (1989 - 1996) K2 (1992 - 2000)A109E 7 2.85 6.00 1.28 - 1.83 1.95 - 2.60 2.80 - 5.80 1996 - 2001 2002 - 2006 2007 - 2014AS-355N/NP 6 2.60 3.60 0.95 - 1.45 1.57 - 1.93 1.95 - 3.42 1993 - 2000 2001 - 2006 2007 - 2014BO105 DB 6 2.50 N/A 0.25 - 0.28 0.3 - 0.40 0.45 - 0.75 1977 - 1982 1983 - 1989 1990 - 1995MD Explorer 6 2.84 6.5 1.10 - 1.70 1.75 - 2.75 2.95 - 6.20 1993 - 2000 2001 - 2007 2008 - 2014EC135 P2/T2 7 2.84 N/A 1.90 - 2.80 3.05 - 3.90 4.28 - 5.23T2e/P2e (2012 - 2014) 2001 - 2005 2006 - 2010 2011 - 2014H135 (EC135 T3/P3) 7 2.98 5.80 4.95 5.23 2013 2014 Bell 429 7 3.18 6.20 - 6.55 5.10 - 5.25 5.50 - 5.70 5.85 - 6.00 2010 - 2011 2012 - 2013 2014A109S Grand 7 3.18 N/A 2.80 - 3.20 3.40 - 3.70 3.80 - 4.60 2005 - 2006 2007 - 2008 2009 - 2011A109SP Grand New 7 3.18 7.00 - 7.50 5.20 - 6.00 5.90 - 6.10 6.30 - 6.50 2011 2012 2013 - 2014BK117 8 3.20 N/A 0.80 - 1.00 1.00 - 1.40 1.40 - 1.80 A B1 B2BK117 C1 8 3.35 N/A 1.45 - 1.75 1.80 - 2.00 2.15 - 2.45 1992 - 1994 1995 - 1999 2000 - 2004EC145 / BK117 C2 10 3.60 N/A 3.43 - 4.10 4.30 - 5.30 5.60 - 6.30 2002 - 2006 2007 - 2010 2011 - 2013H145 10 3.65 7.12 6.75 2014

MEDIUM HELICOPTERS (4.0 - 7.0 tonne)AS365 N2 11 4.2 N/A 1.50 - 1.90 2.10 - 2.60 2.70 - 3.00 1990 - 1993 1994 - 1997 1998 - 2001AS365 N3 12 4.3 10.60 2.80 - 4.05 4.34 - 5.65 5.96 - 9.30 1997 - 2001 2002 - 2007 2008 - 2014H155 13 4.8 12.05 4.75 - 5.42 5.7 - 7.12 7.85 - 11.04 2003 - 2006 2007 - 2010 2011 - 2014Bell 212 13 5.1 N/A 1.00 - 1.85 1.90 - 2.20 2.30 - 3.20 < 1981 1982 - 1985 1986 - 1999

Model Capacity MTOW 2015 Value Values (US$ mil) Values (US$ mil) Values (US$ mil) (t) (US$ mil) YOB YOB YOB

Model Capacity MTOW 2015 Value Values (US$ mil) Values (US$ mil) Values (US$ mil) (t) (US$ mil) YOB YOB YOB

MEDIUM HELICOPTERS (4.0 - 7.0 tonne)S-76C+ 13 5.3 N/A 2.15 - 2.70 2.90 - 3.57 3.80 - 4.08 1996 - 1999 2000 - 2003 2004 - 2005S-76C++ 13 5.3 N/A 6.50 - 8.20 8.55 - 9.13 9.42 - 9.72 2006 - 2008 2009 - 2011 2012 - 2013S-76D 13 5.3 13.30 10.50 - 11.00 11.50 - 12.00 12.20 - 12.50 2012 2013 2014Bell 412 14 5.4 N/A 1.50 - 2.70 2.57 - 2.72 2.77 - 2.96 1981 - 1987 SP (1985 - 1987) HP (1991 - 1994)Bell 412EP 14 5.4 10.0 - 10.85 3.10 - 4.10 4.32 - 5.84 6.15 - 10.35 1994 - 2000 2001 - 2007 2008 - 2014AW139 15 6.4/6.8 15.35 6.50 - 8.47 9.25 - 11.88 12.60 - 14.65Offshore 2003 - 2006 2007 - 2010 2011 - 2014Sokol W3-A 14 6.4 8.00 2.0 - 3.0 3.0 - 4.5 5.0 - 7.0 1992 - 1999 2000 - 2007 2008 - 2014

SUPER MEDIUM / INTERMEDIATE HELICOPTERS (7.0 - 9.0 tonne) AS330J Puma 19 7.4 N/A 1.55 - 2.65 2.7 - 3.0 3.1 - 4.0 1974 - 1976 1977 - 1978 1979 - 1980H175 18 7.5 16.22 15.52 Offshore 2014 AW189 18 8.3/8.6 19.21 18.1 Offshore 2014 AS332 L Super Puma 20 8.6 N/A 3.00 - 6.00 6.00 - 9.50 9.50 - 15.5 L (1981 - 1987) L1 (1987 - 2000) L1 (2001 - 2010)

HEAVY HELICOPTERS (9.0+ tonne)S-61 28 9.3 N/A 2.00 - 2.50 2.80 - 3.30 3.50 - 3.80 1968 - 1970 1971 - 1975 1976 - 1980AS332 L2 Super Puma 24 9.3 N/A 11.87 - 12.50 12.67 - 13.38 13.55 - 14.30Offshore 1993 - 1997 1998 - 2002 2003 - 2007H225 19 11 27.85 16.00 - 20.00 21.40 - 23.20 24.14 - 26.90Offshore 2005 - 2007 2008 - 2010 2011 - 2014Kamov Ka-32 15 11 12.2 2.0 - 3.5 4.0 - 5.0 5.5 - 11.0 1982 - 1992 1993 - 2003 2004 - 2014S-92A 19 11.9 30.6 17.80 - 20.50 22.00 - 24.70 25.30 - 28.40Offshore 2004 - 2006 2007-2010 2011 - 2014AW101 VIP 30 14.6 35 35.00 - 40.00 40.00 - 45.00 Base Model Fully EquippedErickson S-64F Skycrane 3 19.0 N/A 10.00 - 20.00 21.00 - 22.90 23.00 - 24.00(Firefighting Config) <1990 1990 - 2004 2005 - 2011

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