01/01/2017

Victor Fly Smarter Competition Report

CONTENT Company's summary ............................................................. 3

Brief Introduction .............................................................................................................. 3 Main Competitive advantage ............................................................................................ 3 Main competitor ................................................................................................................ 3 Other competitors .............................................................................................................. 4

Victor Business Model ........................................................... 5

Background ............................................................................ 6 Location of offices............................................................................................................. 6 History ............................................................................................................................... 6 Ownership and Corporate governance .............................................................................. 7

Products .................................................................................. 8 The key features of Victor: ................................................................................................ 8

Marketing ............................................................................... 9 Promotional strategy.......................................................................................................... 9 Distribution channels used ................................................................................................ 9 Pricing................................................................................................................................ 9

Personnel .............................................................................. 10 Number of employees ..................................................................................................... 10 Organizational Hierarchical Structure ............................................................................. 10

Financing: complete informations ..................................... 12 Possible allocation for the new founding raised ............................................................. 12 Seed funding .................................................................................................................... 12 Series A ........................................................................................................................... 12

COMPANY'S SUMMARY

Brief Introduction Victor is an online marketplace for private jet charters and per seat bookings. Victor brings

unprecedented transparency to the industry by connecting users directly to aircraft operators. Victor

quotes are unique as they are all-inclusive of a fixed margin and allows users to compare and make

choices based on named operators, real floor plans and images of the actual aircraft before booking.

Victor is a booking platform for private jets and discloses transaction fees, operator and aircraft details

and has no hidden costs, surcharges or membership fees. Travelers have access to more than 7,000

aircraft reaching 40,000 airports worldwide and Victor provides instant price estimates by aircraft type

and category.

Main Competitive advantage Victor is the only provider to offer an end-to-end charter booking on both web and mobile and our

exceptional customer service means Victor's members are always connected and in control. Unlike

other providers, Victor is the only service to disclose operator and aircraft details offering customers

total transparency and complete financial protection with no upfront commitments.

Its ISO-9001 standards and highly trained staff ensure consistency of service and professionalism in

everything we do. Victor has set the new benchmark in private jet charter and we are confident our

quotes won’t be beaten.

Main competitor JetInsight (United States) Invertors: NFX Guild (Incubator/Accelerator), Pear (Venture Capital) Total funding: 120K JetInsight is an efficient martketplace connecting charter operators and customers. The company is matching supply with demand like never before with next-generation charter management software, and a delightfully easy online booking experience. Its offers real-time inventory of thousands of private jets and there are no annual contracts or initial membership fees to use the site.

Other competitors SkyJet Website: skyjet.com

Take Air Website:flytakeair.com

ClipperJet Website:flyclipperjet.com

BlackJet Website:blackjet.com

THE BUSINESS MODEL OF VICTOR FLY SMARTER Victor makes comparing, booking and managing private jet charters easier than ever before. Compare,

book and manage flights on smartphone and online, with instant price estimates and in-app flight

management on tap, at a tap.

The Victor mobile application works much like Uber, but instead of booking a car, users can charter a private aircraft. Through the Victor website or mobile application members can source quotes, search available aircraft and book flights. Victor's services also include a ‘Furs Class’ where pet owners can take their pets with them inside the cabin. Victor lets users rent out their jets if they have an empty leg, connecting them to other users in search for a private jet. So if you flew your G6 out from London to Monaco, then traveled to another destination by land, you could use Victor to ensure your jet is waiting for you back in London on your return. You get paid for the rental, while Victor takes a cut for connecting you to the hiree.

BACKGROUND Location of offices

HEADQUARTERS NEW YORK

401 Park Ave. South, Suite 931, New York, NY 10016 Tel: +1 877 275 9336

SANTA BARBARA

403 E. Gutierrez St. Santa Barbara, CA

Tel: +1 877 275 9336

LONDON 60 Sloane Avenue, London. SW3 3XB

Tel: +44 (0)20 7384 8550

MUNICH Maximilianstr. 35a, 80539, München

Tel: +49 89 242 18 236

History In August 2011, Clive Jackson, the entrepreneur behind marketing agencies Global Beach and

AutoTorq, founded Victor. Jackson got the idea for Victor when British Midland Airways announced

they would no longer fly from Palma de Mallorca to London Heathrow.

In March 2015, the company raised $8 million in funding to support its expansion into the United

States.

July 14, 2015: Victor announced the acquisition of YoungJets, a Santa Barbara-based private jet

charter services provider behind entertainment brands and tours, as well as corporate and private

equity clientele.

In October 2015, the company announced that it will fly from 19 U.S. cities into Cuba.7

Victor was awarded position number 15 in The Sunday Times Hiscox Tech Track 100 in 2015

Obs.: Victor was chosen as the name because it is part of the NATO phonetic alphabet and because it

works in 23 different languages, meaning the same thing.

Ownership and Corporate governance

Ownership

CEO and founder: Clive Jackson

Co-founder: Mike Ryan

Corporate governance

Senior Vice President: David Young

PRODUCTS It provides instant price estimates by aircraft type and category. These are followed by a selection of

competitive full charter quotes so that members can choose from the best aircraft, operators and

prices.

The key features of Victor: With access to 7,000 jets worldwide and 40,000 airports internationally, Victor has partnerships

with experienced operators around the globe

24/7 customer support on hand to help passengers at any stage of their booking and journey

process

Based on a proprietary technology platform, the Victor mobile app lets customers manage the

complex logistics of private air travel simply from their computer or mobile device

Travelers are able to view the provider, the plane and even the operator of each booking

before making a payment. Victor's website provides contact details for every operator

including the age of the aircraft and registration numbers

There are no upfront costs or membership fees required to book a flight through Victor

Membership is free and takes only 2 minutes to register online at www.flyvictor.com/join or via

the app

Costs are also 100 percent transparent. Victor has a fixed booking fee and provides operators’

details before booking

MARKETING Victor expands its Marketing Department on 10th Dec, 2014. It has no declared objectives, vision and

mission statement, neither based on several interviews with their main leaders.

Promotional strategy The brand has developed its luxury identity through strategic partnerships with the world’s leading

luxury brands such as Shangri-la Hotels and Resorts, Burgess Yachts and Lamborghini.

Distribution channels used Over 40,000 members later it has offices in London, Munich, New York and Los Angeles. With a new

members-only app that puts 7000 aircraft at your fingertips, the rulebook of on-demand private jet

charter has been well and truly rewritten.

Pricing Capped Booking Fees With Victor there are no upfront costs or hidden charges. Our booking fees are as follows;

Fixed booking fee for all online charter request bookings.

Up to 10% fee for Victor Concierge flights and empty legs.

Travel management fees for music tours and similar multi-leg itineraries are priced by

arrangement.

Charter Pricing Victor works with the leading operators to offer you the best selection and the most competitive prices

for your itinerary. Quotes are fixed and normally valid for 24 hours and include catering, landing fees,

and taxes where required. There are no extra costs for taxiing time or fuel surcharges. Please contact

the Victor Team for information on additional charges such as de-icing.

Empty Leg Pricing An empty leg refers to a private jet flying 'empty' when it is either en route to pick up a passenger or

returning to base. Operators offer Victor a discount of up to 75% on these flights when compared with

standard jet charters. Empty legs are scheduled however they may be flexible in terms of dates and

airport departures and destinations. Please contact the Victor Team for further information.

PERSONNEL Number of employees Approximately 100 employees

Organizational Hierarchical Structure

Name Position Hierarchy Level Clive Jackson CEO and Founder 0 Mike Ryan Co-founder & Commercial and Ops Director 0 David Young Senior Vice President USA 0 Annabel Schild Investor 0 Dan Northover Chief Marketing Officer 1 Amelia Perez Director of Operations 1 June Sebley Director Partner Programmes & Client Services 1 Craig Edmunds Head of Technology & Engineering 1 James Farley Head of Data 1 Andre DuBuisson Head of Product 1 Anthony Heath Head of Product and Engineering 1 Elisa Luu Head of Sourcing and Senior Operations Specialist 1 Jordan Goldberg Charter Sales Director 2 Cindy Staub Sales Director 2 Leah Quay Sales Director 2 Christian E. Meiley Sales Director 2 Marisa Bonifazio Sales Director 2 Toby Edwards Sales Director 2 Ben Lovett PR & Communications Director 2 Bernardus Vorster Financial Director 2 Richard Batchelor Financial Planning Director 2 Gabriella Capetti Commercial and Operations Manager 3 Milena Pankiewicz Commercial and Operations Manager 3 Ludwig Janson Customer Services Manager 3 Sid Pinzon Junior Product Manager 3 Syed Zohaib Shahid Private Aircraft Fleet Manager 3 Andy Ballard QA Manager 3 Karina Aleksandrova Senior Commercial and Operations Manager 3 Janet Fajardo Service and Operations Specialist 3 Jack Lorentsen Sourcing Specialist and Fleet Manager 3 Caroline Doran Marketing Manager 3 Molly Frick Sales and Operations Manager, North America 3 Tom Williams Financial Controller 3 Josh Fletcher Sales & Operations Associate 4

Bernadett Szekely Senior Commercial and Operations Associate 4 Peter Effertz Senior Sales Associate 4 Tom Hill Senior Sales Associate 4 William Snell Senior Sales Associate 4 Giedre Zdanciute Strategic Initiatives Supervisor 4 Angela Benett Commercial and Operations Associate 4 Teodora Visockyte Commercial and Operations Associate 4 Dan Cook Sales Executive 5 Alina Stankiewicz Senior Customer Account Executive 5 Davide Paladino Senior Customer Account Executive 5 Claudia Cooper Senior Sales Executive 5 James Cornwell Senior Sales Executive 5 Nima Parsi Web, UX and Front-end Developer 5 Dmitry Danilich Automation QA Engineer 5 Rawley Valverde Charter Sales Executive 5 Lewis Montlake Commercial and Operations Executive 5 Johan Stjernström Customer Account Executive 5 Johanna Oja Designer 5 Lisa Gagarina Full Stack JavaScript Developer 5 Oleksii Kozulin iOS Lead Developer 5 James Lees Javascript Developer 5 Maciej Wrona Javascript Developer 5 Sean Kerr Jet Charter Consultant 5 María Sancho Marco Junior Marketing Executive 5 Sunny Deol Management Accountant 5 CiCi Parsons Private Charter Sales and Business Development 5 MJ Smit3rd Private Jet Charter, Airline and Aviation Professional 5 Henry Villiers Product Design 5 Jelson Sagay Accounts Assistant 5 Elske den Bode Outbound Sales Support Intern 5

FINANCING: COMPLETE INFORMATIONS Funding History Total Funding: $24,45M Round Date Funding Investors Series A Apr, 2015 $12.3M Undisclosed Investors Series A Jan, 2014 $8.25M Undisclosed Investors

Seed Jun, 2011 $3.9M Andrew Pisker, Clive Jackson and Tim Richards

Investors Investor Investor Type Location Participating Rounds Undisclosed Investors

Series B (2015) and Mezzanine (2015)

Andrew Pisker Angel Investor (Individual) Series A (2014) Clive Jackson Angel Investor (Individual) Series A (2014) Tim Richards Angel Investor (Individual) Series A (2014)

Possible allocation for the new founding raised

Seed funding Seed funding raises substantial funds to support the initial market research and development work for

the company. This includes figuring out what the product will be and who they users or consumers will

be. Additionally, the money will help employ a team to do this work. Before this stage, many

entrepreneurs are working alone or with just a few business partners. With seed capital, the team will

build and launch their product at their target audience. The key players in this round are more of the

risk-loving type. Usually, angel investors and early stage venture capital firms dabble in this less formal

round of funding.

Series A After the business has shown some of a track record, Series A funding is useful in optimizing product

and user base. Opportunities may be taken to scale the product across different markets. In this round,

it’s important to have a plan for developing a business model that will generate long-term profit. Often

times, seed startups have great ideas that generate a substantial amount of enthusiastic users, but the

company doesn’t know how it will monetize on them. The investors involved in the Series A round

come from more traditional venture capital firms.