JET-A, LLCPRO FORMA INCOME STATEMENTQUARTERQUARTERQUARTERQUARTERYEARQUARTERQUARTERQUARTERQUARTERYEARYEAR3 YEAR2010 -1 2010 -2 2010 -3 2010 -420102011-1 2011-2 2011-3 2011-42011 2012 TOTALREVENUEREVENUE FROM CHARTER SALES 201,250201,250201,250201,250805,0001,540,0001,540,0001,540,0001,540,0006,160,0006,160,00013,125,000REVENUE FROM MANAGEMENT FEES-30,00030,00030,00030,000120,000120,000240,000TOTAL REVENUE 201,250201,250201,250201,250805,0001,570,0001,570,0001,570,0001,570,0006,280,0006,280,00013,365,000EXPENSESDIRECT COSTSFUEL AND OIL 61,14161,14161,14161,141244,563354,406354,406354,406354,4061,417,6231,417,6233,079,808MAINTENANCE 36,18136,18136,18136,181144,725201,314201,314201,314201,314805,255805,2551,755,235LANDING AND PARKING 2,1882,1882,1882,1888,75032,18832,18832,18832,188128,750128,750266,250NAVIGATION FEES3,2813,2813,2813,28113,12511,15611,15611,15611,15644,62544,625102,375CREW EXPENSES 2,1882,1882,1882,1888,75026,18826,18826,18826,188104,750104,750218,250SMALL SUPPLIES AND CATERING4,9224,9224,9224,92219,68849,92249,92249,92249,922199,688199,688419,063TOTAL DIRECT COSTS109,900109,900109,900109,900439,600675,173675,173675,173675,1732,700,6902,700,6905,840,980FIXED COSTSSALARIESCOCKPIT CREW 50,00050,00050,00050,000200,000121,250121,250121,250121,250485,000485,0001,170,000CABIN CREW -----36,00036,00036,00036,000144,000144,000288,000MECHANIC 30,00030,00030,00030,000120,00042,00042,00042,00042,000168,000168,000456,000LEASE PAYMENTS-----231,000231,000231,000231,000924,000924,0001,848,000HANGAR 12,00012,00012,00012,00048,00052,00052,00052,00052,000208,000208,000464,000INSURANCE 5,2385,2385,2385,23820,95029,71329,71329,71329,713118,850118,850258,650RECURRENT TRAINING15,00015,00015,00015,00060,00033,75033,75033,75033,750135,000135,000330,000UNINSURED DAMAGE 6,2506,2506,2506,25025,00012,50012,50012,50012,50050,00050,000125,000INTERIOR REFURBISHMENT5,0005,0005,0005,00020,00023,75023,75023,75023,75095,00095,000210,000NAVIGATION CHART SERVICE8008008008003,2002,3002,3002,3002,3009,2009,20021,600COMPUTER MAINT. PROGRAM2,5502,5502,5502,55010,2009,9259,9259,9259,92539,70039,70089,600WEATHER/FLIGHT PLANNING SERVICE6006006006002,4004,3504,3504,3504,35017,40017,40037,200TOTAL FIXED COSTS127,438127,438127,438127,438509,750598,538598,538598,538598,5382,394,1502,394,1505,298,050GROSS PROFIT(36,088)(36,088)(36,088)(36,088)(144,350)296,290296,290296,290296,2901,185,1601,185,1602,225,970ADMINISTRATIVE EXPENSESLEGAL/ACCOUNTING/CONSULTING3,7503,7503,7503,75015,00013,75013,75013,75013,75055,00055,000125,000ADVERTISING1,5001,5001,5001,5006,0003,0003,0003,0003,00012,00012,00030,000OFFICE EXPENSES1,5001,5001,5001,5006,0001,5001,5001,5001,5006,0006,00018,000SALARIES-OFFICE3,0003,0003,0003,00012,00015,00015,00015,00015,00060,00060,000132,000SALARIES-EXECUTIVE DEPARTMENT------------BENEFITS14,40014,40014,40014,40057,60053,77553,77553,77553,775215,100215,100487,800TOTAL ADMINISTRATIVE COSTS24,15024,15024,15024,15096,60087,02587,02587,02587,025348,100348,100792,800EBDIT(60,238)(60,238)(60,238)(60,238)(240,950)209,265209,265209,265209,265837,060837,0601,433,170

# Exhibit A to N500VP Dry Lease Page 1 of 2

and Charter Management Agreement 

# EXHIBIT A

A IRCRAFT



# , E XPENSES



# , AND 

# R EVENUE 

# P ROVISIONS



# E FFECTIVE ON 

# M ARCH 

# 26, 2010

A IRCRAFT 

# I NFORMATION



# Manufacturer: Boeing

Model: B737-2H4

Serial Number: 22062

Registration Number: N500VP

Engine Manufacturer: Pratt & Whitney

Model: JT8D-9A

Serial Numbers: R: P687759 , L: P707409

Lienholder(s), if any:

Owner Representative: ICON JET

ERIC HAYMES

Phone: (310) 623-2032

Fax: __________________

Email: ehaymes@iconjet.com

E XPENSES



# Operating Expense Fund: $ 650,000 (based on estimated monthly

expenses for 2 months)

Variable Expenses

Fuel

At Home Base [$ N/A per gallon OR Operator’s

Discounted Rate plus $0.00]

All Other Locations Oper ator’s Discounted Rate

Operator Maintenance Labor Rate: $ 95.00 /hr

Supplemental Pilot Charge $ 600.00 /calendar day

Crew Overnight Charge $ 1,200.00 / overnight per crew

Fixed Expenses

Management Fee $ 10,000 /month

Salaries and Benefits for 7 Crewmembers $ 56,875 /month

Hangar Rent for Space at KABE $ 13,333 /month

Fleet Insurance Premium $ 97,900 /year

Training Expenses for 7 Crewmembers $ 75,000 /year

Estimated Conformity Process Expenses $ 7,500.00 /Conformity Process

# 420 HOUR ANNUAL OPERATING COST

FIXED COSTS - PER YEAR DIRECT COSTS - PER HOUR 420 HRS/Y R

Management Fee 120,000 Aircraft Lease 2,200 924,000.00

Hangar 160,000 Fuel and Oil $2.85 /gal 2,793.00

Scheduled Maintenance HR $ 95.00 603.39

Insurance Daily Line Check 66.86

Hull Unsched Maint Airframe-Labor/Parts 550 124.40

PAX/Property/Thrid Party Liability Powerplant 257.66

Total Premium 97,900 APU 200.00

Reserves-C Check (MSG-3) 320.38

Recurrent Training / 3 Pilots / 4 FA 75,000 Total Maintenance 1,572.69

Uninsured Damage & A/C Modern. 25,000

Navigation Chart Service 6,000 Invoiced to Customer

Interior Refurbishing Reserve 75,000 Navigation Fees 75.00

Computer Maint. Program 29,500 Landing & Parking 285.71

AFIS/Flt Pln & Weather 15,000 Crew Expenses 800 228.57

Office Lease and Expenses - Small Supplies & Catering 100 428.57

Legal, Accounting and Consultants Fees 40,000

Advertising 6,000

Subtotal Fixed 649,400

Salaries & Benefits 682,500

Total Fixed 1,331,900 Total Direct 5,938.38

Total Fixed per Hour 3,171.19

TOTAL OP PER HR 9,109.57

Employee Salaries

Dir of Ops -

Chief Pilot -

Dir Maintenance -

Line Captain 2 110,000 220,000

First Officer 1 65,000 65,000

Chief Dispatcher -

Mechanic 1 48,000 48,000

Cabin Attendant 4 36,000 144,000

A dmin./Sales 1 48,000 48,000

Exec Salaries -

Total Salaries 525,000

Benefits - 30% 157,500

Salary & Benefits 682,500

Boeing B737

# 175 HOUR ANNUAL OPERATING COST

FIXED COSTS - PER YEA R DIRECT COSTS - PER HOUR 175 HRS/YR

Management Fee - Aircraft Lease -

- Hangar 48,000 Fuel and Oil $3.25 /gal 1,397.50

Scheduled Maintenance 300.00

Insurance

Hull Unsched Maint Airframe-Labor/Parts 465.00

PAX/Property/Thrid Party Liability Powerplant 50.00

Total Premium 20,950 APU 12.00

Total Maintenance 827.00

Recurrent Training / 2 Pilots 60,000

Uninsured Damage & A/C Modern. 25,000

Navigation Chart Service 3,200 Invoiced to Customer

Interior Refurbishing Reserve 20,000 Navigation Fees 75.00

Computer Maint. Program 10,200 Landing & Parking 200 50.00

AFIS/Flt Pln & Weather 2,400 Crew Expenses 200 50.00

Office Lease and Expenses 6,000 Small Supplies & Catering 30 112.50

Legal, Accounting and Consultants Fees 15,000

Advertising 6,000

Subtotal Fixed 195,800

Salaries & Benefits 249,600

Total Fixed 445,400 Total Direct 2,224.50

Total Fixed per Hour 2,545.14

TOTAL OP PER HR 4,769.64

Employee Salaries

Dir of Ops 140,000

Chief Pilot 60,000

Dir Maintenance 72,000

Line Captain -

First Officer -

Chief Dispatcher -

Mechanic 48,000

Cabin Attendant -

Admin./Sales 12,000

Exec Salaries -

Total Salaries 192,000

Benefits - 30% 57,600

Salary & Benefits 249,600

Challenger 600