1. NetJets Overview 1

2. 4/20/2017
History of NetJets
Executive Jet established as a private charter company.
Created fractional aircraft ownership program.
Berkshire Hathaway purchased Executive Jet.
Executive Jet became NetJets Aviation.
The purpose of Executive Jet was to provide a way of private flight without having to own your own aircraft.
Founded by Brigadier General O.F. “Dick” Lassiter, Executive Jet is incorporated as the civilian version of the Air Force’s Special Air Missions Squadron. The original board included General Curtis Le May, M.J. Rathbone, and actors Jimmy Stewart and Arthur Godfrey.
Richard Santulli purchased Executive Jet in As a Goldman Sachs principal, Santulli had been involved in the helicopter leasing business. With a desire to expand his helicopter leasing experience to corporate jet leasing, he decided to invest in Executive Jet -- two years later came the creation of NetJets.
In 1998, Warren Buffett (then and still, a delighted NetJets customer) became our owner when he acquired the NetJets parent company, Executive Jet, Inc. We are immensely proud to be part of the Berkshire Hathaway family of companies. 2

3. CHARTER & BLOCK-CHARTER SCHEMES
Aviation Pyramid
OWN
YOUR
OWN JET 91
FRACTIONAL
NetJets – Worldwide Leader
91K / 135
‘OWN A PIECE,
ACCESS A FLEET’
Market Leader
Access to NetJets
25 hours at a time
135
EJM
US Market Leader
135
CHARTER & BLOCK-CHARTER SCHEMES
121
COMMERCIAL 3

4. Fractional Market Growth Total Shares Owned *
4/20/2017
Fractional Market Growth Total Shares Owned *
Updated rwe
Not including leases 4

5. NetJets Today – The Leader
4/20/2017
NetJets Today – The Leader
NetJets’ annually flies over 390,000 flights and 230,000,000 miles to more than 170 countries.
NetJets flies over 1,200 international trips per month.
NetJets is ranked as the 2nd largest Commercial Operator in the world. 5

6. NetJets Today – The Leader
4/20/2017
NetJets Today – The Leader
NetJets’ fleet of 870 aircraft under management is equal in size to that of the world’s second largest airline.
7,946 Employees Worldwide
4,308 Pilots
512 Flight Attendants
895 Maintenance Technicians
157 Dispatchers
As of May 1, 2008
Update
As of July 1, 2009 6

7. NetJets Corporate Structure
NetJets Inc.
NetJets
Aviation
NetJets
International
NetJets
Europe
Executive Jet
Management
NetJets
Middle East
NetJets
Large Aircraft
Marquis
Jet 7

8. 4/20/2017
Owner Profile
50 percent of NetJets Owners are private companies using NetJets to help grow their businesses.
25 percent of NetJets Owners are public companies using NetJets to supplement their existing fleets, or as their primary business aviation tool.
25 percent of NetJets Owners are private individuals who use NetJets to enhance their quality-of-life.
Some of our NetJets Owners include: Aetna, Dow Chemical, General Electric, Gillette, Prudential Insurance, Annika Sorenstam, Andre Agassi, Pete Sampras and Tiger Woods. NetJets respects our Owners privacy so we do not share their names unless we have been given permission to do so.
70% of our new business comes from existing Owners & personal referrals.
Owner Profile
50% Private Companies
25% Public Companies
25% Private individuals
Some of our NetJets Owners include: Aetna, Dow Chemical, General Electric, Gillette, Prudential Insurance, Annika Sorenstam, Andre Agassi, Pete Sampras and Tiger Woods. NetJets respects our Owners privacy so we do not share their names unless we have been given permission to do so. 8

9. 870 Aircraft Under Management
4/20/2017
870 Aircraft Under Management
U.S. , European, and Middle East Fleet
Light cabin
Midsize cabin
Large cabin
18 Citation Bravos
45 Citation V Ultra
59 Hawker 400XP
30 Citation Encore
149 Citation Excel/XLS
12 Hawker 750XP
84 Hawker 800XP
10 Hawker 900XP
45 Citation Sovereign
70 Citation X
38 Gulfstream 200
56 Falcon2000/2000EX/LX
37 Gulfstream 400/IV-SP
18 Gulfstream 450
2 Falcon 7X
8 Gulfstream V
16 Gulfstream 550
2 Boeing Business Jet
Updated by
171 additional aircraft managed by EJM
3 managed by NetJets Middle East
3 Managed by NetJets Europe
* Aircraft no longer offered for sale - transitioning out of fleet
1. Current model designation – G IV SP, G 400 and G V included in fleet 9
Data as of 07/01/09

10. In 2008, NetJets...
Paid $59 million into the FAA System through FET, Segment Fees, Fuel Taxes and Other Assessments
Purchased over 7,000 hours of charter time.
Consumed 119 million gallons of jet fuel.
Spent over $37 million on catering (Owner/Crew).
Arranged 130,000 cars/limos.
Landed at over 1,500 airports in the U.S.
Spent $71 million on pilot training (FSI).
Required over 1.8 million maintenance man-hours.
Purchased $70 million airline tickets for flight crew movement.
Purchased $60 million hotel rooms for flight crew RON’s. 10

11. What is Fractional Aviation
4/20/2017
What is Fractional Aviation

12. What Is Fractional Aircraft Ownership?
4/20/2017
What Is Fractional Aircraft Ownership?
An undivided interest in a specific, serial numbered aircraft based on the number of hours the owner flies in a year
This “undivided interest” can be most easily compared to a real estate “tenants-in-common” agreement.
NetJets is treated no differently than if you owned your own plane. If at least 51% of your NetJets hours are used for business, your interest is depreciable for tax purposes -- just as a whole airplane would be (a depreciation table is located on page 29). 12

13. NetJets Fractional Ownership
4/20/2017
NetJets Fractional Ownership
800 Total Occupied Hours
1/16 = 50 hrs
Access to Entire Fleet
Undivided Lien Free Interest
Guaranteed Availability & Costs
Liquid Investment,Guaranteed Buy Back
Depreciable Asset, Tax Benefits as Applicable
Owner accepts operational control in Part 91k operations
1/8 = 100 hrs
The above “rules” are not set in stone as these are merely general guidelines. We have many corporate/company NetJets owners who may own one/several aircraft. They utilize us for supplemental lift. We also accommodate companies that don’t own aircraft. They may have multi-location facilities and require more than one aircraft per day.
1/4 = 200 hrs
1/2 = 400 hrs 13

14. NetJets Fractional Ownership
Random access on demand (4 – 10 hours)
Each owner’s share is put into a pool with all other owners’ shares
The pool of aircraft “free float” according to scheduling demands
Aircraft are dispatched to each requested departure point and remain at the arrival point until assigned another trip
Owners are charged only for occupied flight time, not for positioning
Crews are airlined where needed, and airlined home at the end of their tour
All heavy scheduled maintenance is completed at manufacturer authorized service centers 14

15. Cost Components Aircraft Acquisition (One-time Cost)
4/20/2017
Cost Components
Aircraft Acquisition (One-time Cost)
Monthly Management Fee (MMF)
Covers fixed costs (pilot salaries, insurance, training, hangaring, administration, etc.)
Occupied Hourly Fee (OHF)
Covers variable costs (fuel, maintenance, catering, landing fees, etc.)
Federal Excise Tax on OHF (7.5%)
Fuel Variable
Facilitator Notes: [Also on page 11 of Participant Guide]
[Go over the cost components. Make the point that the owner’s costs are covering our costs…and we are currently asking everyone to look for ways to lower or control costs…or “get the best bang for the buck.”] 15

16. NetJets Provides Guaranteed Availability
 The NetJets fleet of more then 871 aircraft is blanketed across the U.S., Europe and the Middle East
 Each worldwide NetJets Owner is guaranteed interchange within each of the other fleets
 NetJets guarantees a response time of between 4 and 10 hours in the US and 10 and 48 hours for European travel
 NetJets owns “core fleet” to be able to meet Owner demand
 NetJets will subcontract when necessary with vendors that meet NetJets strict operating standards 16

17. Marquis Jet is NetJets 25 Hours at a time
4/20/2017
Marquis Jet is NetJets 25 Hours at a time
Facilitator Notes:
The solution might be a MarquisJet card if they need 25 hours which often equates to about one trip a quarter. It might also be appropriate if they do not want to sign a five-year contract and are not concerned with depreciation and tax benefits. Some of our jet card owners buy more than one card because they need more than 25 hours and prefer the card to the fractional program.
25 Hour pre-paid lease
Marquis Private Jet Card programs in U.S. and Europe 17

18. Card Growth Since Inception18

19. Safety Is The Mission Management Commitment
Operational Command and Control
Aircrew Qualifications
Aircrew Training and Management
Aircraft Maintenance
Security – Aircraft and Passengers
“Spend whatever it takes to be the safest and most secure. Then spend whatever it takes to stay that way.” - Warren Buffett 19

20. Safety Enhancement – Aircrew Qualifications
4/20/2017
Safety Enhancement – Aircrew Qualifications
New hires – 2,500 hrs. minimum before consideration
Average new hire – over 6,000
Total average hours – over 8,000
FlightSafety International – 2x’s per year - 20 days of training
New hires remain on probation for one year
Fly an average of 75 hours per month
NetJets has the most rigid standards of pilot hiring. Before we consider anyone flying for NetJets, they must have at least 2,500 hours of flight time. This number is significantly larger than our competitors’ standards.
FlightSafety International is the premiere pilot training company in the world:
Commercial airline pilots: They attend FlightSafety once a year and have a total of 11 days of training -- these are the standards of the Federal Aviation Association.
NetJets pilots: They attend FlightSafety twice a year and have at least 20 days of training -- these are the standards of NetJets.
Flying 75 hours per month in one specific aircraft type, our pilots know their aircraft type well! 20

21. “Leave nothing to chance.” - Richard Santulli
Q&A 21