# Sovereig nMr , Inc .

Octobe r 12 , 201 1 Denni s J
. DeVany , Chie f EA S & Donnesti cAnalysi s Division , X-5 3 Offic e o fAviatio n Analysi s Departmen to fTransportatio n 120 0 Ne wJerseyAve
. S E Washington , D

C 2059 0 Re : Proposa l t o Provid e Essentia l Ai rService at : CNISHOLM/HIBBING , MINNESOT ADOT-OST2003-1579 6 INTERNATIONA LFALLS , MINNESOT ADOT-OST-2009-030 4 THIE F RIVE R FALLS , MINNESOT ADOT-OST-2001-1064 2 DEVIL S LAKE , NORTH DAKOT ADOT-OST-1997-278 5 JAMESTOWN , NORTH DAKOT ADOT-OST-1997-278 5 FOR TDODGE , IOW

ADOT-OST-2001-1068 2 MASO N CITY , IOW

ADOT-OST-2001-1068 4 IRO N MOUNTAIN/KINGSFORD , MICHIGA N DOT-OST-1999-517 5 ESCANABA , MICHIGA N DOT-OST-2003-1512 8 '•Jt . 

# ^ANSPORTAT & ~-.€KETOPFRAT(ON S M OC Tf1 Aq : 3 2

Dea rMr
. DeVany : I n respons e t o Order,2011-9- 5 Sovereig n Air , Inc
. offer s th e followin g proposal : Sovereig n Air , Inc
. (SAI ) i s plannin g t o use 3 0 seatdornie r32 8 je to ra 3 0 seatJetstrea m aircraf tfo r servic e t o Minneapoli s o n eac h rout e fro m (Thie fRive rFall s - Internationa l Fall s - Chisholm/Hibbing) , (Devil s Lak

e - Jamestown) , (Fortdodg e - Maso n city ) an d (Iro n Mountai n - Escanab a t o Chicago)
. Ou rflight s wil l servic e onl yth e EA S citie s an d th e MS P an d OR D Hubs
. Sovereig n Ai rbelieve s tha twit h excellen tbaggag e handling , prope rschedules , inexpensiv e pricing , a comfortable-quiet - pressurize d aircraft , an d a recoverin g economy , th e loa d factor s wil l increas e i n thes e markets
. Sovereig n Ai ri s gettin g int o th e uniqu e positio n t o hel p Essentia l Ai rServic e communitie s kee p thei rticke tfund s a t home
. SA I wil l have baggag e an d ticke tagreement s wit h th e majo rai rcarrier s i n MS P an d OR D byth e star to f thi s EA S service
. SA I wil l als o have carg o agreement s fo rbot h domesti can d internationa l ai rfreigh t movements . SA I has bee n HAZMA

Tapprove d an d wil l b e workin g i n conjunctio n wit h hospital s t o expedit e variou s HAZMA Tmaterial s tha tthe ynee d t o transport . SAI' s goa l i s t o wor k

hand-in-han d wit h th e communitie s t o reduc e th e nee d fo rEA S subsidie s withi n th e nex tfou rt o si xyears . Sovereig n Ai ri s currentl yi n th e proces s o facquirin g it s funding
. Schedule d Servic e Authorit yan d anticipate s bein g abl e t o star tthi s Essentia l Ai rServic e withi n 9 0 days
.

## Sovereig n Ai rwil l b e full yintegrate d int o th e Globa l Distributio n Syste m (GDS) i n conjunctio n wit h

Worldspan
. SA I i s no ttie d t o jus ton e airline , allowin g Sovereig n Ai rbette rvisibilit yi n th e variou s reservatio n systems . Passenger s wil l have a broa d rang e o fchannel s throug h whic h t o purchas e tickets , includin g al l airlin e reservatio n system s an d trave l agencies , Orbitz , Priceline , Expedia , ect: . Customers wil l b e abl e t o cal l ou rreservatio n offic e o rvisi tou rwebsit e t o boo k flights
. Passenger

s ca n als o purchas e ticket s an d make reservation s a tou rticke tcounters . SAI' s schedule s wil l b e develope d byth e CityAirpor tBoard s an d SA I t o reduc e layove rtime s i n MS P an d provid e th e bes tpossibl e arriva l an d departur e time s fo rcommunities
.
Than k Yo u RobertB Karn s VP GM Sovereig n Ai rSovereig n Ai rIn c Porposa l ti l 12-Oct-l l Internationa l Falls-Chisholm/Hibbin g 2 4 Roun d Trip s Pe rWee k 3 0 Sea tDornie rJe t Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 2 4 2,42 1
Aircraf t Availabl e Seat s Pe rDepartur e Totl e Seat s Yea r Dornie r32 8 Je t 3 0 72633. 6 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 4 5 1,81 6
Revenu e Passenger s Averag e Far e Passenge rRevenu e RPM S Passenger s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seat s Availabl e 65,00 0 $11 0 $7,150,00 0
5500 0 34 0 22,100,00 0 249 6 242 1 34 0 

## 3 2 25,518,60 5 Passenge rRevenu e Outhe rRevenu e @ .0 3 o fpa xrev . % Tota l Revenu e $7,150,00 0 S214.50 0 $7,364,50 0 Direc tOperatin g Expense s Indirec tExpense s Aircraf tPurchas e Preparatio n Expense s Initia l Expense s Reservatio n an d Marketin g Tota l Expense s BI k Hr s

Pe rPa s $3,10 0

S6 $5,629,10 4 $1,434,67 8 $2,500,00 0 $685,77 6 $350,00 0 $390.00 0 $10,989,55 8 Operatin g Los s 5 % Profi t Subsid yRequire d $3,625,05 8 $549,47 8 $4,174,53 6
Loa d Facto r NOTE : Thi s proi»sa l cover s th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d b e deb t

fre e an d subsid yfre e a tth e en d o f2 year s operations
. Aircraf t commite d t o you rservic e only
. A tn o extr a expens e ^ th e flight s ca n mak e a OR D connectio n v.nt h a sto p a t St
. Clar e M N enrout e t o MPS
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Ca n b e full yEA S operationa l wit h i n 9 0 day s o rles s afte rfundin g completed
. 0.8 9

XXXXXXXSovereig n Ai rIn c Porposa l t* 2 12-Oct-l l Internationa l Falls-Chisholm/Hibbin g 2 4 Roun d Trip s Pe rWee k 3 0 Sea tJetstrea m 4 1 Turbopro p Aircraf t Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 2 4 2,42 1
Aircraf t Availabl e Seat s Pe rDepartur e Totl e Seat s Yea r Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r Jetstrea m 4 1 3 0 72633. 6

5 5 2,21 9
Revenu e Passenger s Averag e Far e Passenge rRevenu e RPM S Passenger s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seat s Availabl e 65,00 0 Sll O $7,150,00 0
6500 0 34 0 22,100,00 0 249 6 242 1 34 0 

## 3 3 25,518,60 5 Passenge rRevenu e Outhe rRevenu e (B

) .0 3 o fpa xrev . % Tota l Revenu e Direc tOperatin g Expense s Indirec tExpense s Aircraf tPurchas e Preparatio n Expense s Initia l Expense s Reservatio n an d Marketin g Tota l Expense s BI k Hr s

Pe rPa s $2,87 5

S 6 $7,150,00 0 $214,50 0 $7,364,50 0 $6,380,66 0 51,434,67 8 51,300,00 0 $685,77 6 $350,00 0 $390.00 0 $10,541,11 4 Operatin g Los s 5 % Profi t Subsid yRequire d $3,176,61 4 $527,05 6 $3,703,67 0
Loa d Facto r NOTE ; Thi s proposa l cover s th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d h e deb t

fre e an d subsid yfre e a t th e en d o f2 year s operations
. Aircraf tcommite d t o you rservic e only
. A t n o extr a expens e th e flight s ca n mak e a OR D connectio n wit h a sto p a t St
. Clar e M N enrout e t o MPS
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Schedul e se t t o mee tcommunitie s needs
. Ca n b e full yEA S operationa l wit h i n 9 0 day s o rles s afte rfundin g completed
. XXXXXXX 0.8 9

# l^j,jj(^-^ ^

Sovereig n Ai rIn c Porposa l # 1 12-Oct-l l Thie fRive rFall s Wit h Stop s o rConnectiorvs a t Eithe r Internationa l Fall s o rChisholm/Hlbbin g t o Minneapoli s 1 4 Roun d Trip s Pe rWeek
. 3 0 Sea t Jetstrea m 4 1 Turbopro p Aircraft
. Round-Trip s Pe rWee k Tota l Departur e Pe rYea r 97 % 1 4 1,41 2 Aircraf t Availabl e Seats Pe rDepartur e Totl e Seats Yea r Jetstrea m 4 1 3 0 42369. 6 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 3 0 70 6
Revenu e Passenger

s Averag e Far

e Passenge rRevenu e RPM S Passenger

s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seats Availabl e 5,00 0 $13 5 $675,00 0
500 0 45 5 2,275.00 0 14S 6 141 2 45 5 3 0 19,920,77 4 Passenge rRevenu e Outhe rRevenu e ( S .0 3 o fpaxrev . Tota l Revenu e Direc tOperatin g Expenses Indirec tExpenses Aircraf tlease/Purchas e Preparatio n Expense s Initia l Expenses Reservatio n an d Marketin g Tota l Expenses BI k Hr s

Pe rPa s S2,87 5

$ 6 $675,00 0 $20,25 0 $695,25 0 $2,030,21 0 $234,76 0 $24,00 0 $6,00 0 $13,54 0 $30.00 0 $2,338,51 0 Operatin g Los

s 5 % Profi t Subsid yRequire d $1,643,26 0 $116,92 6 $1,760,18 6
Load Facto r NOTE : Thi s proposa l covers th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf t an d b e deb t

fre e an d subsid yfre e a t th e en d o f4 years operations
. Aircraf t commite d t o TV F servic e only
. A t n o extr a expens e th e flights ca n make a OR D connectio n wit h a sto p a t St
. Clare M N enrout e t o MPS
. Wil l have mor e tha n on e interlin e cod e share airline
. Schedul e se t t o mee t communitie s needs
. Thi s aircraf t i s bac k u p t o th e INL-HIB-MS P EAS
. Thi s fligh tchange s aircraf t a t IN Lo rHIB
. Ca n b e full yEA S operationa l wit h I n 9 0 days o rless afte rfundin g completed
. I n orde rt o b e EA

S fre e TV F mus t b e tie d wit h INL-NIB-MS P 0.1 2Sovereig n Ai rIn c Porposa l H i 12-Oct-l l Devil s Lake-Jamestow n t o Minneapoli s 1 2 Roun d Trip s Pe rWee k 3 0 Sea tDornie rJe t Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 1 4 1,41 2
Aircraf t Availabl e Seat s Pe rDepartur e Totl e Seat s Yea r Dornie r32 8 Je t 3 0 42369. 6 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 5 0 1,17 7
Revenu e Passenger s Averag e Far e Passenge rRevenu e 21,00 0 $14 9 $3,129,00 0 RPM S Passenger s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seat s Availabl e 2100 0 32 0 6,720,00 0 145 6 141 2 32 0 3 0 14,010,21 4 Passenge rRevenu e Outhe rRevenu e @ .0 3 o fpa xrev . % Tota l Revenu e Direc tOperatin g Expense s Indirec tExpense s Aircraf tPurchas e Preparatio n Expense s Initia l Expense s Reservatio n an d Marketin g Tota l Expense s BI k Hr s

Pe rPa s $3,10 0

S 5 $3,129,00 0 $93,87 0 $3,222,87 0 $3,648,49 3 $434,67 8 $2,250,00 0 S68S,77 6 $350,00 0 5105.00 0 $7,473,94 7 Operatin g Los s S % Profi t Subsid yRequire d Subsid yRequire d i fINL-HIB-MS P proposa l ti l i s selecte d require d subsid yi s $4,251,07 7 5373,69 7 $4,624,77 5 $3,456,75 0 Loa d Facto r NOTE : Thi s proposa l cover s th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d b e deb t

fre e an d subsid yfre e a tth e en d o f2 year s operations
. Aircraf tcommite d t o you rservic e only
. A tn o extr a expens e th e flight s ca n mak e a OR D conneaio n wit h a sto p a tSt
. Clar e M N enrout e t o MPS
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Ca n l> e full yEA S operationa l wit h i n 9 0 day s o rles s afte rfundin g completed
. 0.5 0

XXXXXXXSovereig n Ai rIn c Porposa l S 2 12-Oct- n Devil s Lake-Jamestow n t o Minneapoli s 1 2 Roun d Trip s Pe rWee k 3 0 Sea tJetstrea m 4 1 Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 1 4 1,41 2
Aircraf t Availabl e Seat s Pe rDepartur e Totl e Seat s Yea r Jeistrea m 4 1 3 0 42369. 5 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 7 5 1,76 5
Revenu e Passenger s Averag e Far e Passenge rRevenu e 21,00 0 $14 9 $3,129,00 0 RPM S Passenger s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seat s Availabl e 2100 0 32 0 6,720,00 0 145 6 141 2 32 0 3 0 14,010,21 4 Passenge rRevenu e Outhe rRevenu e @ .0 3 o fpa xrev . % Tota l Revenu e $3,129,00 0 S93.87 0 $3,222,87 0 Direc tOperatin g Expense s Indirec tExpense s Aircraf tPurchas e Preparatio n Expense s Initia l Expense s Reservatio n an d Marketin g Tota l Expense s BI k Hr s

Pe rPa s $2,34 0



### S 5 $4,131,03 6 S434.67 8 $1,235,00 0 $285,77 6 $350,00 0 SlOS.OOO $6,541,49 0 Operatin g Los s S % Profi t Subsid yRequire d Subsid yRequire d i fINL-HIB-MS P proposa l » 2 i s selecte d require d subsid yi s $3,318,62 0 $327,07 5 $3,645,69 5 $3,256,75 0 Loa d Facto r NOTE : Thi s proposa l cover s th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d b e deb t

fre e an d subsid yfre e a tth e en d o f2 year s operations
. Aircraf tcommite d t o you rservic e only
. A tn o extr a expens e th e flight s ca n mak e a OR D connectio n wit h a sto p a tSt
. Clar e M N enrout e t o MPS
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Ca n b e full yEAS operationa l v/it h i n 9 0 day s o rles s afte rfundin g completed
. 0.5 0Sovereig n Ai rIn c Porposa l # 1 12-Oct-l l For tDodge-Maso n Cit yt o Minneapoli s 1 9 Roun d Trip s Pe rWee k 3 0 Sea tDornie rJe t Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 1 9 1,91 7
Aircraf t Availabl e Seat s Pe rDepartur e Totl e Seat s Yea r Dornie r32 8 Je t 3 0 57501. 6 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 3 0 95 8
Revenu e Passenger s Averag e Far e Passenge rRevenu e 50,00 0 59 9 $4,950,00 0 RPM S Passenger s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seat s Availabl e 5000 0 15 6 7,800,00 0 197 6 191 7 15 7 3 0 9,328,67 6 Passenge rRevenu e Outhe rRevenu e (S

) .0 3 o fpa xrev . % Tota l Revenu e $4,950,00 0 $148.50 0 $5,098,50 0 Direc tOperatin g Expense s Indirec tExpense s Aircraf tPurchas e Preparatio n Expense s Initia l Expense s Reservatio n an d Marketin g Tota l Expense s BI k Hr s

Pe rPa s $3,60 0

S 5 $3,450,09 6 $434,67 8 $2,500,00 0
. $885,77 6 $1,179,30 0 S2S0.00 0 $8,699,85 0 Operatin g Los s 5 % Profi t 53,601,35 0 $434,99 3 Subsid yRequire d FO D $2,843,54 6 SubsiS yRequire d i fINL-HIB-MS P proposa l # 1 i s selecte d require d subsid yi s MC W $1,032,86 4 $4,035,34 3 $3,455,12 3 Loa d Facto r NOTE : Thi s proposa l cover s th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d b e deb t

fre e an d subsid yfre e a t th e en d o f2 year s operations
. Aircraf t commite d t o you rservic e only
. A tn o extr a expens e th e flight s ca n mak e a OR D connectio n wit h a sto p a tSt
. Clar e M N enrout e t o MPS
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Ca n b e full yoperationa l wit h i n 9 0 day s o rles s afte rfundin g complete d 0.8 7XXXXXXX Sovereig n Ai rIn c Porposa l H I 12-Oct-l l For tDodge-Maso n Cit yt o Minneapoli s 1 9 Roun d Trip s Pe rWee k 3 0 Sea tJetstrea m 4 1 Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 1 9 1.91 7
Aircraf t Availabl e Seat s Pe rDepartur e Totl e Seat s Yea r Jetstrea m 4 1 3 0 57501. 6 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 3 0 95 8
Revenu e Passenger s Averag e Far e Passenge rRevenu e 50,00 0 $9 9 $4,9S0,00 0 RPM S Passenger s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seat s Availabl e 5000 0 15 6 7,800,00 0 197 6 191 7 15 7 3 0 9,328,67 6 Passenge rRevenu e Outhe rRevenu e @ .0 3 o fpa xrev . % Tota l Revenu e $4,950,00 0 S148.50 0 $5,098,50 0 Direc tOperatin g Expense s Indirec tExpense s Aircraf tPurchas e Preparatio n Expense s Initia l Expense s Reservatio n an d Marketin g Tota l Expense s BI k Hr s

Pe rPa s $3,00 0

$ 5 $2,875,08 0 $1,230,08 0 $1,500,00 0 $1,003,78 4 $1,179,30 0 $250.00 0 $8,038,24 4 Operatin g Los s 5 % Profi t 52,939,74 4 $401,91 2 Subsid yRequire d FO D $2,308,79 2 Subsid yRequire d i fINL-HIB-MS P proposa l H I i s selecte d require d subsid yi s MC W $1,032,86 4 $3,341,65 6 $3,155,12 3 Loa d Enacto r NOTE : Thi s proposa l cover s th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d b e deb t

fre e an d subsid yfre e a t th e en d o f2 year s operations
. Aircraf tcommite d t o you rservic e only
. A tn o extr a expens e th e flight s ca n mak e a OR D connectio n wit h a sto p a tSt
. Clar e M N enrout e t o MPS
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Ca n b e full yEA S operationa l wit h i n 9 0 day s o rles s afte rfundin g completed
. 0.8 7



## 7 

## /

# H i U- * 

# ^'-^ A eo-"^* ^ Sovereig n Ai rIn c Porposa l 0 1 12-Oct-l l Iro n Mountain-Escanab a t o Chicag o (ORD ) 1 9 Roun d Trip s Pe rWee k 3 0 Seat Domie rJe t Round-Trip s Pe rWee k Tota l Departur e Pe rYea r979 6 1 9 1,91 7 Aircraf t Availabl e Seats Pe rDepartur e Totl e Seats Yea r Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r Domie r32 8 Je t 3 0 57501. 6
5 0 1,59 7 Revenu e Passenger

s Averag e Far

e Passenge rRevenu e RPM S Passenger

s Stag e Lengt h ASM S Schedule d Departure s Complete d Departure s Stag e Lengt h Seats Availabl e 50,00 0 $9 9 $4,950,00 0
5000 0 27 3 13,650,00 0 197 6 191 7 27 3 3 0 16,221,20 1 Passenge rRevenu e Outhe rRevenu e @ .0 3 o fpa xrev . % Tota l Revenu e Direc tOperatin g Expenses Indirec tExpenses Aircraf tPurchas e Preparatio n Expenses Initia l Expenses Reservatio n an d Marketin g Tota l Expenses BI k Hrs

Pe rPa s $3,30 0

$ 5 $4,950,00 0 $148,50 0 $5,098,50 0 $5,270,98 0 $434,67 8 $2,000,00 0 $385,77 6 $179,30 0 $250,00 0 $8,520,73 4 Operatin g Los

s 5 % Profi t Subsid yRequire d IM T $1,924,13 5 ES C $1,924,13 5 $3,422,23 4 $426,03 7 $3,848,27 1
Load facto r NOTE : Thi s proposa l covers Ch e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf tan d b e deb t fre e an d subsid yfre e a t tti e en d o f2 years operations
. Aircraf t commite d t o you rservic e only
. Wil l hav e mor e tha n on e interlin e cod e share airline
. Ca n b e full yoperationa l wit h i n 9 0 days o rles s afte r fundin g completed
. 0.8 7

# ^riZ^ I 1^U:JCJ2/CWF- «

XXXXXX X Sovereig n Ai rIn c Porposa l # 2 12-Oct-l l Iro n Mountain-Escanab a t o Chicag o (ORD ) 1 9 Roun d Trip s Pe rWee k 3 0 Sea tJetstrea m 4 1 Round-Trip s Pe rWee k Tota l Departur e Pe rYea r97 % 1 9 1,91 7 Aircraf t Availabl e Seats Pe rDepartur e Totl e Seats Yea r Jetstrea m 4 1 3 0 57501. 6 Bloc k Tim e Minute s Pe rDepartur e Tota l Bloc k

Tim e Pe rYea r 5 5 1,75 7 

### Revenu e Passenger

s Averag e Fare Passenge rRevenu e 50,00 0 S9 9 54,950,00 0 RPM S Passenger

s Stag e Lengt h ASM S Schedijie d Departure s Complete d Departure s Stag e Lengt h Seats Availabl e 5000 0 27 3 13,650,00 0

• 197 6 191 7 27 3 3 0 16,221,20 1 Passenge rRevenu e Outhe rRevenu e @

) .0 3 o fpa

xrev . % Tota l Revenu e Direc tOperatin g Expense s Indirec tExpenses Aircraf tPurchas e Preparatio n Expenses Initia l Expenses Reservatio n an d Marltetin g Tota l Expenses BI k Hrs

Pe rPa s $2,25 0

$ 5 $4,950,00 0 $148.50 0 $5,098,50 0 $3,953,23 5 $543,00 0 $1,250,00 0 $563,90 0 • $548,90 7 . $250.00 0 $7,109,04 2 Operatin g Los

s 5 % Profi t•] Subsid yRequire d IM T $1,182,99 7 ES C $1,182,99 7 $2,010,54 2 $355,45 2 S2,365;99 4
Load Facto r' ' NOTE : Thi s proposa l covers th e tota l expens e require d t o initiat e schedule d ai rservice , purchas e th e aircraf t an d b e deb t

fre e an d subsid yfre e a t th e en d o f2 years operations
. Aircraf t commite d t o you rservic e only
. Wil l hav e mor e tha n on e interlin e cod e shar e airline
. Ca n b e full yoperationa l wit h i n 9 0 days o rles s afte r fundin g completed
. 0.8 7



# X