Essex Aviation Group March 24, 2017 Reference: GV Aircraft Upgrade Options This memorandum has been prepare by Essex Aviation ("Essex") for Elysium ("Elysium") to provide an overview of the options available to upgrade from the current 2002 GV to a pre-owned G550 or G650 aircraft. Essex has prepared an overview of the various levels of capital requirements necessary in order to upgrade to various aircraft types and ages and a commentary of anticipated refurbishment and or upgrade work that may need to be completed. For the purposes of this analysis, the assumption that will be used concerning the net proceeds Elysium could receive for the sale of the GV is $11.0M. The FANS/1A upgrade will assume to either have been completed or a slot will be in place for the upgrade to be completed at the time of the sale. All of the G550 aircraft are configured with the Honeywell Primus Epic Plane View avionics package that meets all the future avionics requirements and mandates. The majority of upgrades being done to G550 pre-owned aircraft revolve around exterior paint, interior refurbishments, upgrades to cabin entertainment and management systems, Wi-Fi systems and various other new technology features that are available. The G550 is currently scheduled to no longer be produced as of the end of 2018 and is being replaced by the 6600. The G650 aircraft are configured with an enhanced Honeywell Primus Epic Plane View II avionics package that also meets all the future avionics requirements and mandates. As with the G550, most upgrades considered for pre-owned aircraft revolve around either incorporating options that were not selected by the prior owner or new technology features that are available. Below is an overview of the various capital investment levels and the range of aircraft that can be acquired for both the G550 and G650 along with market information on the GV. Gulfstream G550 One item of note concerning the G550 market is although there is a