Our growth strategy is on track. "The fundamental strength of our business, which is underpinned by contracted revenues and geographical diversity, together with the proven industry experience of our management team and the expertise and commitment of our staff, have ensured that once again we have delivered a solid performance, despite the challenging conditions that we continue to experience in our European market. This illustrates the resilience of our business model. Our growth strategy is on track. Organic growth will continue apace through the expansion of services and geographies and we have a clearly defined path to continue our acquisitive growth in a highly fragmented global business aviation services sector. Our strategic goal is to double the scale of the business over the next two years." Marwan Khalek, Chief Executive.

1. Gama Aviation Plc
Half year results to June 30th 2016
Driving forward

2. Welcome and investment proposition
00

3. Introductions.
Marwan Khalek,
Chief Executive
• Founded Gama Aviation in 1983
• Chairman of the British
Business and General Aviation
Association
• Board Member of the European
Business Aviation Association
Kevin Godley,
Chief Financial Officer
• Chartered Accountant (ICAEW)
• Formerly Group FC
• Previous positions in TMO
Renewables and Moore
Stephens
3
Marwan & Kevin are supported by:
• A group function consisting of eight experienced professionals to drive M&A, operational efficiency and business
development
• Strong regional management teams reporting to a divisional MD

4. Our investment proposition
• Market leader in global business aviation services
• Strategic goal to double the scale of the business over two years
• High growth potential with consolidation in a fragmented market
• Geographically diverse
• Stable, contract backed gross profit
• CAPEX light business
• Respected, proven leadership & management team
4

5. Performance review
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6. 1 – Calculatedat a constantforeign exchangerate of $1.5 to £1.
2 – Including 100% of theRevenue/Gross Profit of Gama Aviation’s Associate in theUS and JointVenture in Hong Kong.
3 – Adjusted EBITDA is arrived at by taking operating profit before depreciation, amortisation, andexceptional items.
4 – Adjusted Profit before tax is arrived at before exceptional items and amortisation.
5 – Earnings used in theAdjustedEPS calculationare the profitattributable to ordinary shareholders adjusted for exceptional items and
amortisation.
Financial highlights
June 16 June 15 Change
Constant
currency1
change
Revenue2 $209.8m $185.3m 13.2% 16.3%
Gross Profit2 $27.9m $30.3m (7.9%) (5.0%)
Gross profit
Margin2 13.3% 16.3% (3.0ppt) (3.0ppt)
Adjusted
EBITDA3 $7.5m $8.2m (8.5%) 0.0%
Adjusted PBT4 $9.6m $5.9m 62.7% (7.8%)
Adjusted EPS5 $19.7c $12.5c 57.2% (20.4%)
Financial highlights & commentary
• Total Group Revenue up 13.2% (16.3%
on a constant currency basis).
• GP margin down 3.0ppt to 13.3%
principally due to business mix with a
greater proportion of lower margin
revenue derived from US Air.
• Adjusted EBITDA3 on a constant
currency basis remains at $8.0m (2015:
$8.0m)
• Adjusted PBT and Adjusted EPS
benefitted from a material foreign
exchange credit of US$4.6m in H1
(2015: $0.1m)
• Adjusted EPS includes a provisional tax
charge of $1.0m (2015: $nil)
• Exceptional costs of $1.3m comprising
$0.5m transaction costs, $0.8m costs
associated with the integration and
business re-organisation.
6

7. 21,759
6,125 27,884 638 28,522
Statutory Associates & JVs Total Group Constant Currency Total Group & Constant
Currency
Total Group Gross Profit 2016
USD'000
Revenue and profit bridges
7
101,606
108,153 209,759 3,607 213,366
Statutory Associates & JVs Total Group Constant Currency Total Group & Constant
Currency
Total Group Revenue 2016
USD'000

8. Revenue and profit bridges
8
7,529
509
8,038
Statutory Constant Currency Statutory & Constant Currency
Group EBITDA 2016
USD '000

9. Cash commentary
9
Notes:
• Cash increased by $1m from Dec 15
• Working capital movement improved by 40% over comparative period
• Operating cash inflow before movements in working capital improved 48% over comparative period.
• Net Debt at ($13m) up from ($9m) at Dec 15 with the financing of the Aviation Beauport.acquisition
• Net debt to Adjusted EBITDA leverage at 1.8
Jun-16 Dec-15
US$m US$m
PBT 7.4 5.8
Working capital movement (5.9) (26.3)
Capex movement (0.9) 0.8
Net Interest & tax paid (0.8) (2.5)
All other movements (1.4) 6.4
Free cash flow (1.8) (15.9)
Acquisitions (2.5) 28.9
Change in net debt (4.3) 13.0
Net debt (13.3) (9.0)

10. Regional performance review
To June 30th 2016
02

11. “Strong performance in US high
growth market.”
Air
• Strong contract base
• Gaining attractive management
& charter aircraft – up 35% to
105 (2015: 78)
• Core management &
Wheels Up growth
Ground
• 3 new bases in H1
• Base & mobile rollout provides
national coverage with 9 bases
in total
• High levels of repeat service
business
US performance to June 30th 2016
In numbers:
Air H1 2016 H1 2015
Revenue (‘000): $109,805 $76,217
Gross profit (‘000): $9,034 $6,642
Gross profit (%) 8.2% 8.7%
Adjusted EBITDA (‘000): $2,583 $1,547
Adjusted EBITDA (%): 2.4% 2.0%
Ground H1 2016 H1 2015
Revenue (‘000): $6,180 $6.170
Gross profit (’000): $2,718 $2,626
Gross profit (%) 44.0% 42.6%
Adjusted EBITDA (‘000): $999 $1,351
Adjusted EBITDA (%): 16.2% 21.9%
Total H1 2016 H1 2015
Revenue (‘000): $115,985 $82,387
Gross profit (‘000): $11,752 $9,268
Gross profit (%) 10.1% 11.2%
Adjusted EBITDA (‘000): $3,582 $2,898
Adjusted EBITDA (%): 3.1% 3.5%
Figures are total group and provided
on a constant currency basis.
C
2016 H2 outlook:
Air
Ground

12. Europe & Africa performance to June 30th
In numbers:
Air H1 2016 H1 2015
Revenue (‘000): $58,130 $68,553
Gross profit (‘000): $4,375 $7,524
Gross profit (%) 7.5% 11.0%
Adjusted EBITDA (‘000): $1,275 $1,141
Adjusted EBITDA (%): 2.2% 1.7%
Ground H1 2016 H1 2015
Revenue (‘000): $19,692 $18,462
Gross profit (‘000): $10,391 $11,228
Gross profit (%) 52.8% 60.8%
Adjusted EBITDA (‘000): $4,305 $6,544
Adjusted EBITDA (%): 21.9% 35.4%
Total H1 2016 H1 2015
Revenue (‘000): $77,822 $87,015
Gross profit (‘000): $14,766 $18,752
Gross profit (%) 19.0% 21.6%
Adjusted EBITDA (‘000): $5,580 $7,685
Adjusted EBITDA (%): 7.2% 8.8%
“Management action taken to
mitigate European challenges”
Air
• Optimisation and cost control
initiatives to right size the business
• Remains a resilient business
through its long-term services
contracts
• Acquisitions being integrated
successfully
• Shedding commercial & credit risk
contracts
Ground
• H2 performance weighting
• Some upgrades being deferred
due to Brexit related concerns
• Aberdeen construction underway
Figures are total group and provided
on a constant currency basis.
2016 H2 outlook:
Air
Ground

13. MENA performance to June 30th 2016
In numbers:
Air H1 2016 H1 2015
Revenue (‘000): $8,889 $10,473
Gross profit (‘000): $715 $957
Gross profit (%) 8.0% 9.1%
Adjusted EBITDA (‘000): ($19) ($229)
Adjusted EBITDA (%): (0.2%) (2.2%)
Ground H1 2016 H1 2015
Revenue (‘000): $1,945 $1,390
Gross profit (‘000): $773 $543
Gross profit (%) 39.7% 39.1%
Adjusted EBITDA (‘000): $67 ($313)
Adjusted EBITDA (%): 3.4% (22.5%)
Total H1 2016 H1 2015
Revenue (‘000): $10,834 $11,863
Gross profit (‘000): $1,488 $1,500
Gross profit (%) 13.7% 12.6%
Adjusted EBITDA (‘000): $48 ($542)
Adjusted EBITDA (%): 0.4% (4.6%)
“Business gaining momentum”
Air
• Healthy aircraft management
pipeline
• Break even point reached
Ground
• Line maintenance growing based
on the US model
• Contract wins in parking and
hangarage
• Business Aviation facility
groundworks to begin in H2
Figures are total group and provided
on a constant currency basis.
2016 H2 outlook:
Air
Ground

14. “ A great start with a robust
platform for growth.”
Air
• Strong JV partner
• Consolidation of operations and
focus on existing client care
• Strong foundation for growth
Ground
• Line maintenance capability
added
• Third party maintenance shortly
• Further commercial partnership
sought
• Expect to be revenue generative
late 2016
Asia performance to June 30th 2016
In numbers:
Air H1 2016 H1 2015
Revenue (‘000): $8,539 $1,426
Gross profit (‘000): $223 $152
Gross profit (%) 2.6% 10.7%
Adjusted EBITDA (‘000): - ($171)
Adjusted EBITDA (%): - (12.0%)
Ground H1 2016 H1 2015
Revenue (‘000): - -
Gross profit (‘000): - -
Gross profit (%) - -
Adjusted EBITDA (‘000): - -
Adjusted EBITDA (%): - -
Total H1 2016 H1 2015
Revenue (‘000): $8,539 $1,426
Gross profit (‘000): $223 $152
Gross profit (%) 2.6% 10.7%
Adjusted EBITDA (‘000): - ($171)
Adjusted EBITDA (%): - (12.0%)
Figures are total group and provided
on a constant currency basis.
2016 H2 outlook:
Air
Ground

15. Our strategic goal
03

16. The fundamentals of the market and business remain
the same, providing a solid platform for a more
aggressive growth goal
• An ambitious leader in a market ripe for consolidation
• A services business, with contract-backed revenue that has:
- a CAPEX light, proven business model
- no residual value risk on aircraft
- no fuel price exposure
- service line diversity
- resilience to economic shocks (i.e. Brexit)
- efficient business integrator
- good organic growth
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Our goal:
To double the scale of the business over two years

17. Ideal business model and target revenue split of a
mature geographic division
26
Mature business model Mature revenue model
70%
30%
Air Ground

18. Each geographic division occupies a different position
on the maturity curve.
27
Start-up Scaling Maturity
Europe
US
(2008)
MENA
(2010)
Asia
(2015)
• Significant initial investment required to
establish brand and initiate customer
relationships
• Initial focus on air operations only
• Volatile margins due to unexpected
costs to grow and gain scale
• Managed fleet starting to scale
• Expansion to Ground Operations,
• Positive and increasing EBITDA margins
as fixed costs are distributed across
platform
• Ability to support larger and
comprehensive contracts
• Ability to begin cross selling air and
ground services
• Each new aircraft is immediately
accretive to earnings
• Optimal mix of management and
engineering revenue
• Significant cross selling of services
between management and
engineering
• Long-term contracts and revenue
visibility
100
Air
80
20
Air
70
30
Air
The position of each business and the revenue charts per stage are illustrative.
RevenueRevenue Revenue
Blended Group position

19. Active, ongoing discussions worldwide to deliver
strategic & transformational growth
19
Region Current revenue mix
(H1 June 2016)
Business
Active
targets
Rationale
US Air 2
• Builds fleet scale
• Builds Government contract exposure
Air / Ground 2 • Builds fleet, FBO and MRO scale
Ground 1
• Adds scale
• Extends value chain
EU Air 1
• Builds fleet scale
• Adds geographic breadth
Air / Ground 2
• Builds fleet scale
• Builds special mission breath & depth
Ground 3
• Adds scale
• Extends value chain
MENA Air 1 • Builds fleet scale
Ground 1 • Adds geographic breadth
Asia Air/Ground 1 • Builds service depth

20. Recap & summary
04

21. Recap: Our investment proposition
• High growth potential with consolidation in a fragmented market
• Geographically diverse
• Stable, contract backed gross profit
• CAPEX light business
• Respected, proven leadership & management team
21

22. In summary
• Solid performance & strong platform
• High quality service contracts growth, but Europe remains weak
• Strong US trading performance expected to continue in H2
• EU Ground traditionally stronger H2
• Optimisation & ‘right sizing’ will continue to enhance performance across
the divisions during H2 2016
• Fragmented market offers further value accretive and earnings enhancing
acquisition opportunities
• Double the scale of the business over two years
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23. Disclaimer
This presentation contains forward looking statements, which are based on the Gama Aviation Board's current expectations
and assumptions and may involve known and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied in such statements. Any forward looking
statements contained in this presentation are based on past trends or activities and should not be taken as a
representation that such trends or activities will continue in the future.
It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of
variables which could cause actual results or trends to differ materially, including, but not limited to: conditions in the
market, market position of Gama Aviation and its technologies, earnings, financial position, cash flows, anticipated
investments and economic conditions; the Group's ability to obtain capital/additional finance; a reduction in demand by
customers; an increase in competition; an unexpected decline in revenue or profitability; legislative, fiscal and regulatory
developments, including, but not limited to, changes in environmental regulations.
No statement in this presentation is intended to constitute a profit forecast, nor should any statements be interpreted to
mean that potential commercial opportunities, earnings or earnings per share will necessarily be greater or lesser than
those for the relevant preceding financial periods for the Group. Each forward looking statement relates only as of the date
of the particular statement. Except as required by the AIM Rules, the Disclosure and Transparency Rules, the London
Stock Exchange or otherwise by law, the Group expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward looking statements contained herein to reflect any change in the Group's expectations
with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
The information in this presentation does not constitute an offer to sell or an invitation to buy shares in Gama Aviation Plc
or an invitation or inducement to engage in any other investment activity.
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