MAJOR EXPANSION OF CORE HUBS, ROUTE NETWORK AND FLEET UNDERWAY

DELIVERY OF US$2 BILLION ORDER BACKLOG UNDERWAY

BUSINESS PERFORMED STRONGLY IN 2011

CONTINUING GROWTH AND OUTPERFORMANCE IN KEY MARKETS

STRONG BALANCE SHEET

London: 12 January 2012 Strategic Update

VistaJet, the world’s leading luxury aviation company outside of the Americas, announces that it has commenced the second phase of its strategic expansion across the BRINC* countries and other fast- growth developing markets including the Middle East, wider West African regions and CIS nations as it seeks to double the size of the business within four years.

The Company’s strategy is to focus on fast-growth markets including the BRINC countries, Middle East, Africa and CIS nations. Underpinned by the ongoing and rapid growth in global commodity markets and the development of mining and other assets in remote locations, either underserved by commercial airlines or from where direct routes to other key commodity and natural resource market locations do not exist.

Moreover, a significant proportion of commodity and natural resource companies operating in today’s markets are founder-owned which has resulted in the rapid growth of luxury aviation as well as reliable and efficient point-to-point travel.

An outstanding example of this is Russia where VistaJet has established a major presence and, with the recent delivery of new long-haul aircraft, is the largest international luxury aviation company flying into key Russian destinations including Moscow.

In 2012, VistaJet has prioritised a number of regions for further expansion including:

-  Africa, following on from the recent successful development of a major presence on the west coast

-  China, where VistaJet is at the advanced stages of establishing a presence in conjunction with local partners with a view to commencing operations no later than the end of 2012

Thomas Flohr, founder and chairman of VistaJet, commented:

“We have reached a major stage in our development and strategic expansion. We have the opportunity to build on our established position as the world’s leading luxury aviation company with the largest fleet of business jets outside of North America.

“Flying VistaJet is as much a business decision as it is a lifestyle choice. If you are the owner of a mining company with assets in Siberia and Central Africa, you cannot afford to spend up to three days flying commercially between Novosibirsk and Luanda. Nor are you going to want to fly on some of the airlines that will get you there. With our modern, state-of-the-art long-haul fleet, VistaJet will fly you there directly and in style.”

The rapid growth in demand and the significant expansion of its route network to include longer-haul sectors has also seen a rapid expansion in VistaJet’s fleet of Bombardier aircraft.

Today, following recent deliveries, the fleet is over 30-strong. With a $2 billion order backlog, the fleet is set to double by 2015 to over 60 mid- and large-size long range-aircraft. The growth in fleet will not be at the expense of maintaining the average fleet age at less than two years and with no single aircraft being more than three years old.

Ian Moore, Chief Commercial Officer commented:

“No one else in the private business aviation sector is taking delivery of brand new aircraft at the rate we are, nor is anyone more committed to maintaining the youngest fleet in the skies. It is a bold step and another example of our commitment to providing a unique customer experience.”

Financial Update

VistaJet’s strategic expansion comes as the Company confirms that it had continued to perform strongly in 2011.

For the year ended 31 December 2011, VistaJet expects to record a 20% increase in passenger numbers and a 25% increase in revenues. These trends are expected to continue during the current financial year .

VistaJet also expects to confirm that profits for the year grew in excess of 50%.

Thomas Flohr concluded:

“Our success is a result of our proven business model and I am delighted with our strong performance. We are growing passenger numbers, revenues and profits.

“We are well on-track towards doubling the size of the business and consolidating VistaJet’s position as the leading player in its marketplace.” 

* Brazil, Russia, India, Nigeria and China

After two high-profile NetJets CEOs who were considered possible successors to Buffett abruptly left the company in the past two years, Hansell, a soft-spoken 41-year-old former lawyer, is at the controls.

Hansell has run the world’s largest private jet operator since April. Picked by former CEO David Sokol to succeed him when Sokol left Berkshire amid questions of possible trading on insider information, Hansell has taken a steady, low-profile approach to continuing the business plan laid out by Sokol in his 19 months at the helm.

The good news for NetJets: The company continues to sell off excess aircraft, add owners of its timeshare-like fractional shares and log increases in hours of flight time by owners.

The bad news: NetJets’ recovery has been slower than had been hoped a year ago.

Activity in Europe, which accounts for about a quarter of NetJets’ business, has been down significantly in recent months as the European debt crisis has roiled financial markets there.

“It’s a very difficult economic environment, on the level of what happened in 2008 in the U.S.,” Hansell said of the European situation. “It’s going to be slow for some time.”

NetJets’ much-smaller joint venture in the Middle East ended recently. Hansell said the company expects to enter a new partnership arrangement in the region in the future, but for now it will continue to serve those customers through Europe.

The groundwork for NetJets China continues to be laid, including the hiring in the summer of Eric Wong as CEO of that division. The unit still requires approval from the Chinese equivalent of the Federal Aviation Administration, which Hansell hopes might come this year.

Meanwhile, “the U.S. has bubbled along” in 2011, Hansell said.

After seeing sales gains of 8 percent for fractional shares and 6 percent for Marquis Jet 25-hour cards in 2010, NetJets has gained about 80 new fractional owners in 2011 and had about 475 new sales of Marquis cards. NetJets acquired Marquis, formerly a separate company, in November 2010. Rather than sell shares of a plane, the Marquis program sells access to planes by the hour.

NetJets moved its official headquarters to Ohio from New Jersey in 2009. Since then, it has brought more than two dozen information-technology jobs to Columbus from India and is looking to fill another couple of dozen positions.

Under Sokol’s cost-cutting measures, NetJets laid off more than 800 corporate employees across the country, plus 495 pilots who remain furloughed.

Work on NetJets’ new home at Port Columbus continues. In March — two months ahead of schedule — NetJets plans to start moving the 500 employees now in leased office space at Easton to its new $21 million building next to its longtime operational headquarters at Port Columbus, which is already home to 800 employees working in round-the-clock shifts.

NetJets has faced continued discontent among workers who have been unhappy since Sokol undertook layoffs in 2009.

Some, including pilots union chief Mark Luthi, have suggested that the company is sacrificing safety for the sake of profits, something management has strongly denied.

In 2010, NetJets hired Cincinnati-based Aviation Research Group/U.S., known as ARGUS, to conduct safety audits against the standards of three organizations: ARGUS itself; the International Civic Aviation Association’s (affiliated with the United Nations) International Standards for Business Aircraft; and the Flight Safety Foundation’s Basic Aviation Risk Standard.

NetJets received the highest rating on all three measures.

Scott Liston, the Columbus-based executive vice president of ARGUS and a former 16-year employee of NetJets, said NetJets is one of only three companies in the U.S. that have gone through all three certifications, and it is the only one to successfully do so in a single auditing.

“I worked there for 16 years, so I’m probably biased, but even with everything they’ve been through as a company … it’s been proven that it’s the culture of a company that either permeates safety or challenges safety. NetJets doesn’t put on a show when it comes to safety; they really live it.”

Barring more financial earthquakes, Hansell expects slow but steady growth this year. The company has ordered nearly $8 billion worth of new aircraft in the past 14 months, with another large order or two to come soon.

Hansell emphasized that the purchases are the result of long-range planning, not a sign that the company expects explosive growth anytime soon.

“We want to be a steady performer for Berkshire,” Hansell said. “We’re focused on providing the safest option and highest level of service in the industry.”

Leading aircraft charter provider, Air Charter Service, has seen an increase of 36% in its private jet business in its half year results.
Joel Fenn, Director Executive Jets commented: “The private jet business is still on the up after the economic slump of a couple of years ago, but this is a considerable rise. Some reports in the media suggest that the market is still slow, but that has not been the case as far as we are concerned. Our executive jet department is our largest department in terms of volume of flights and is constantly growing. We also opened our Los Angeles office in the first half of this year which hit the ground running and has already started adding to the figures.”

The company, which was recognised this week in The Sunday Times Top Track 250 list, is also reporting huge growth in the commercial jet market – which, although being buoyed earlier this year with tens of thousands of expatriates needing evacuation charters from Egypt, Libya, Tunisia and Japan, still showed significant underlying growth.

Fenn concluded by adding: “We are very optimistic about the continued future growth of the private jet market over the coming months and into the new year.”

The company, whose network accesses over 7000 aircraft based globally, says the funds will be used to deliver a roll-out to new international markets, significant usability upgrades across all its platforms, including those for mobile apps and enhanced real-time integration of pricing and availability with aircraft operators.

PrivateFly’s chairman, Richard Carrick, commented: “The recession has been a catalyst for change in the private aviation industry, with increased cost-consciousness creating a clear demand for more price transparency and immediacy. PrivateFly.com has used this to its advantage, delivering significant enhancements in response speed, price and ease of use within the charter segment.

“The successful fundraising demonstrates investor confidence in the industry, particularly the ad-hoc charter market. Other private aviation segments, such as fractional ownership, have struggled post-recession due to the customer requirement of upfront cash commitment. Challenging market conditions give greater opportunity for profit and PrivateFly.com is a highly-scalable, low-risk, low-cost investment opportunity with a lean, online business model and aggressive pricing strategy. It ticked all the investor boxes”.

Adam Twidell, PrivateFly’s CEO and co-founder, added: “The money raised will be used to invest in innovative technology which will bring considerable efficiency benefits to customers and registered aircraft operators. It will also allow us to open up our distribution through investment in marketing, including to new territories.

“The race is now on, with other players testing different disruptive technologies to turn this traditional market on his head. The traditional broker with legacy business practices is being threatened by new business models, just as online travel aggregators challenged high street agents several years ago. The opportunity for change is significant and PrivateFly can now accelerate forward to our goal of delivering ultimate choice and agility to the global private aviation customer of tomorrow”.

AIRCRAFT PART OF CURRENT US$2 BILLION ORDER BACKLOG

FLEET SET TO DOUBLE TO 60+ MID/LARGE LONGER-RANGE AIRCRAFT WITHIN 4 YEARS

AVERAGE FLEET AGE TO BE MAINTAINED AT LESS THAN 2 YEARS

VistaJet, the world’s premier luxury aviation company with the largest wholly-owned commercial fleet outside the Americas, today announces that it has taken delivery of three new Bombardier Challenger 605* aircraft.

The new deliveries, which take VistaJet’s current fleet to more than thirty aircraft, are part of the company’s US$2 billion order backlog.

VistaJet is seeing rapid growth, particularly in BRINC* countries and other fast-growth developing markets, and has been placing significant orders for mid-size to large aircraft capable of flying the longer-range sectors demanded by its growing customer base.

In total, VistaJet’s current order backlog will take the fleet to over 60 aircraft in four years and maintain its average age at less than two years with no single aircraft being more than three years old.

Thomas Flohr, founder and chairman of VistaJet, said:

“We are delighted to see these new 12 seater Challenger 605 aircraft delivered into our fleet.”

“VistaJet is experiencing unprecedented demand across all its service areas and these new aircraft will play a key role in our ongoing success.”

“For our customers, the Bombardier fleet provides the ‘aircraft of choice’ whether flying medium or long haul and in the level of comfort that they come to expect from VistaJet.”

 “No one else in the private business aviation sector is taking delivery of brand new aircraft at the rate we are, nor is anyone more committed to maintaining the youngest fleet in the skies. It is a bold step and another example of our commitment to providing a unique customer experience.”

Further deliveries for additional ultra long-range Global 6000 and long-range Challenger aircraft are scheduled to begin end 2011. These include 10 Bombardier new Global 6000** aircraft and 10 Global 8000** that will significantly increase VistaJet’s ultra long-haul capability in response to rapid market growth across its BRINC* and other fast-growth developing markets such as the Middle East, West Africa and Russia / CIS.

VistaJet customers are currently able to fly in new Bombardier aircraft, including Global 6000** (previously known as the Global Express**), Challenger 850**, Challenger 605**, Learjet 60XR**, and soon Global 7000/8000** jets. The streamlined fleet also offers unique cost benefits which are passed directly to customers who receive superior flight solutions matched to individual flight profiles.

* Brazil, Russia, India, Nigeria and China

**Trademarks of Bombardier Inc. or its subsidiaries

***Under certain operating condition

Jeremy Bogle, Executive Vice President for JetSelect Aviation commented, “We are pleased to have another Wi-Fi enabled private aircraft in our fleet to serve our charter customers. Having this private jet based in Washington, D.C. opens up opportunity in the surrounding cities and highlights our commitment to the northeast region of the U.S. We have further additions of private jets for business or individual charter coming in the near future and look forward to sharing them with the private jet community.”

JetSelect, LLC d.b.a. JetSelect Aviation is a premium aviation services provider offering On-Demand Private Aircraft Charter, Private Aircraft Management, and Private Aircraft Maintenance to both businesses and individuals. JSA focuses on safety, service, and efficiency; in that order. JetSelect’s on demand private jet charter operations are conducted under Title 14 CFR Part 135, FAA approved certificate #U5QA550L. JSA bases there private jet aircraft at strategic locations across the United States in order to provide immediate personalized private jet charter service from most major cities to anywhere in the world. Learn more about them at http://www.jetselectaviation.com.

Right now, corporations gradually deduct the cost of jets over five years. The White House supports extending that to seven years, the same time scale airlines use. That means smaller tax breaks up front and up to $3 billion dollars going back into the Treasury.

Brownback and others argue the change will cost jobs in a struggling economy and hurt an industry that’s only now getting back on its feet after the recession.

FIRM ORDER BACKLOG NOW IN EXCESS OF $2.0 BILLION

NEW AIRCRAFT ORDERS SET TO TAKE TOTAL FLEET SIZE TO IN EXCESS OF 60 AIRCRAFT

ORDER FOLLOWS RECENT STRATEGIC DECISION TO EXPEDITE EXPANSION IN RESPONSE TO RAPID MARKET GROWTH ACROSS BRINC* COUNTRIES AND OTHER FAST-GROWTH DEVELOPING MARKETS

Paris: June 21 2011

VistaJet, the world’s premier luxury aviation company with the largest wholly-owned commercial fleet outside the Americas, has today placed a firm order for 10 Global** 8000** aircraft. The total value of the order is approximately $650 million US, based on the 2011 list price for typically equipped aircraft.

The firm order, which comes just a month after an order for six Global 6000** and two Challenger 605** aircraft was announced at EBACE in Geneva, will expedite VistaJet’s expansion in response to rapid market growth across BRINC* countries and fast-growth developing markets, such as Asia, Middle East, West Africa and Russia / CIS where large, longer-range aircraft have enabled VistaJet to build leading market positions.

Thomas Flohr, founder and chairman of VistaJet, said:

“We are seeing unprecedented demand in the BRINC countries and other fast-growth developing markets in which we operate.  These markets currently account for over 75% of all our flights.  At the same time, the geographic reach of our corporate customers places demanding requirements on our fleet with sectors typically of between five to ten hours duration.

“To service this rapidly growing demand, from some of the world’s leading business and corporate players, we are expediting the development of what is already one of the world’s largest fleets of state-of-the-art long-range aircraft.

“This latest order confirms VistaJet’s established reputation and leading positions in its markets where it justifiably claim to be the preferred ‘carrier of choice’.  This in no small part is because we have in our Bombardier fleet what is widely recognized as the ‘aircraft of choice’, allowing our passengers to fly medium or long haul routes in a level of comfort that they demand.”

Steve Ridolfi, President of Bombardier Business Aircraft, said:

“It was eight years ago, also at the Paris air show that our two companies began this journey, and only six years ago at Paris that VistaJet placed its first Global aircraft order.

“It’s a true testament to our products and people that VistaJet, an industry leader in charter and luxury aviation continue their global expansion with an all Bombardier fleet. Like Bombardier, VistaJet are leaders in developing new markets, where our aircraft are ideally suited to meet the demanding needs of our customers. There is an increasingly strong demand for large cabin business jets that can connect virtually any city pair worldwide non-stop – the Global 8000 jet is the only contender to meet this requirement.”

Vincent Wolanin, chairman and chief executive officer of PrivateSky Aviation, said he’s seen private jet use for business-related trips stabilize.

“I think the business is starting to trend up a little bit, but the cost of fuel is holding it back,” he said.

His aviation company services the large cabin models of Gulf Stream Aircraft and is at Southwest Florida International Airport.

Victoria Moreland, spokeswoman for the Lee County Port Authority, said general aviation flights — whether on a two-seat recreational plane or a private jet — are up 4.5 percent year-over-year at Page Field for landings and takeoffs from January to April.

Moreland said during high season recreational use of aircraft increased, but people are also learning to fly.

Moreland said 76 percent of all flights operating in the U.S. are general aviation.

“Page Field is so proximate to downtown,” she said. “It is the airport to go to if you have a business meeting.”

JSSI, a company that arranges maintenance for hundreds of corporate aircraft nationwide, saw an 11.4 percent increase in flight hours in the first three months of this year vs. that period last year.

In April there was a 7 percent jump in flying time among its roughly 1,300 customers compared with April 2010.

The findings mirror those of other analysts who say that after a steep decline during the economic downturn, and after a public backlash against corporate excess, private jet travel is making a comeback. Still, it’s way off from its peak.

“We are not back to late ’07, early ’08 levels, but we’re really off the bottom of where we were,” says Lou Seno, president and CEO of JSSI.

Industry analyst Brian Foley noted that private flying has been increasing since March 2009, when the departures and landings of business jets had plummeted 35 percent from their peak in April 2008. It’s now down about 10 percent from that high point, he says.