商务航空峰会观点：尽管存在短期宏观担忧，Guardian Jet对2025年前景乐观

Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.comGreg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comEllen Page * | Equity Associate+1 (212) 323-3381 | epage@jefferies.comKyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.comConor Walters * | Equity Associate+1 (212) 323-3395 | cwalters@jefferies.comPleasecontact us or your Jefferiesrepresentative for a link to the replay. Continued on next page...Please see important disclosure information on pages 4 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Global Demand Is Holding Up, With The Exception of China. Regional travel is more prevalent withinthe US. European demand has remained solid, and Brazil and Mexico have been very strong. WithinAsia, Indonesia has been very active, but China is slowing down, albeit above 2019 levels.Speaker Bios•Don Dwyer,Guardian Jet's co-managing partner, is particularly regarded for his extensiveexpertise on aircraft finance, asset management, fleet planning and aircraft sales. He spent mostof his career rising through ranks at the aircraft manufacturer, Hawker Beechcraft. As their VicePresident of Global Sales, he led the entire sales team and oversaw the company’s internationaldealer network. In 2010, Don Dwyer joined his brother, Michael, as co-managing partner ofGuardian Jet. Since then, Guardian Jet has become one of the top three aircraft brokerage andconsulting firms in the world.Please see important disclosure information on pages 4 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Analyst Certification:I, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Ellen Page, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Wenclawiak, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Conor Walters, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus y