2

current ownership structure was adopted. Exhibit 305 of the original application is an unaudited
balance sheet for Ultimate Jet LLC as at 12/31/2010 and an unaudited Profit and Loss Statement for the period October 2010 to the end of the year. Note 7 describes the accounting treatment for the effects of the sale. Exhibit 302 presents financial statements for Ultimate JETCHARTERS LLC for the year ending 12/31/2010. Ultimate is attaching these exhibits for your convenience.

For the more recent time periods, the application included consolidated financial statements in conformity with GAAP. Exhibit 303 is a copy of reviewed financial statements prepared by an independent accountant for the period ending December 31, 2011. The submission also included schedules that set forth relevant information on the wholly owned subsidiaries, Ultimate JETCHARTERS and Ultimate Real Estate. The last 5 pages of the supporting schedules provide information on transactions among each of the affiliated entities. Pursuant to your request, Ultimate is now submitting unaudited financial statements for Ultimate Jet LLC and Ultimate JETCHARTERS LLC for 2011. Exhibits ULTIMATE- 307 and 308, respectively. These submissions do not conform with Generally Accepted Accounting Principles.

At the time the application was filed, Ultimate did not have adequate information to produce a financial statement for the year ending December 31, 2012, but instead submitted interim financial statements as Exhibit ULTIMATE - 304. As noted in the July 8 cover letter, on June 17, Ultimate supplied the full-year financial statements, and the first quarter 2013 information, noting that the pertinent information on the affiliated entities was included in schedules attached to the consolidated financial statements for the year ended December 31, 2012. Pursuant to your request, Ultimate is now producing unaudited financial statements for
Ultimate Jet LLC and Ultimate JETCHARTERS LLC for 2012 that do not conform with Generally Accepted Accounting Principles. Exhibits ULTIMATE- 309 and 310.

Given the passage of time since filing of the application, you have requested interim financial statements for the period ending June 30, 2013. The applicant is submitting interim financial statements for the Ultimate Jet parent and Ultimate JETCHARTERS subsidiary, both of which are not in conformity with GAAP. Exhibits ULTIMATE - 311 and 312.

Ultimate Jet LLC has no present intention of providing funding to support the operations of Ultimate JETCHARTERS. As set forth in the application, the airline is currently profitable and has secured a dedicated line of credit to support the expanded service. Application ¶ 19.

The terms of the letter of credit extended by the Fifth Third Bank have not changed. The credit facility is in the amount of $750,000.00 for expansion of Ultimate JETCHARTERS’
Public Charter business. ULTIMATE Exhibit – 711. Ultimate has drawn on the line of credit in the amount of $250,000.00 to finance acquisition of a landing gear for an aircraft to be used in the proposed service. Attached is a letter from Fifth Third Bank dated August 14, 2013 confirming that $500,000.00 is currently available. This funding is more than adequate to finance the applicant’s proposal to increase the frequency of its current charter program.