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Pitch2

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A BUSINESS PLAN RETURN TO TOC

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FINANCIAL ANALYSIS GNA A BLUE OCEAN BUSINESS PLAN Financials Revenue USD Mil Earnings Per Share USD Operating Cash Flow USD Mil Free Cash Flow USD Mil Free Cash Flow Per Share USD Tax Rate Profitability Gross Margin Operating Margin EBT Margin Net Margin Return on Assets Return on Equity Return on Invested Capital AMERICAN 2015 12 40 990 11 07 6 249 98 1 27 DELTA 2015 12 40 704 5 63 7 927 4 982 5 27 36 76 UNITED 2015 12 37 864 19 47 5 992 3 245 5 63 SWA 2015 12 19 820 3 27 3 238 1 095 1 96 37 31 JETBLUE 2015 12 6 416 1 98 1 598 657 1 94 38 29 58 3 15 1 11 3 18 57 16 51 198 80 35 37 58 0 19 2 17 6 11 12 8 44 46 04 23 97 63 9 13 6 11 1 19 39 18 77 129 20 43 86 69 6 20 8 17 6 11 00 10 51 30 86 22 13 64 1 19 0 17 1 10 55 8 21 23 59 15 30 3 89 18 15 0 85 3 54 2 67 0 63 6 53 5 07 10 30 8 80 46 01 287 05 253 67 53 08 164 05 0 00 GNA A BLUE OCEAN BUSINESS PLAN TARGET CASE YTD 1 YTD 2 YTD 3 2 141 104 229 419 4 38 Share 1 USD 0 13 0 63 1 32 473 27 85 168 86 4 0 32 2 121 9 2 63 0 04 0 29 1 10 36 86 43 8 43 8 43 8 USD Mil EBIT 20 116 245 USD Mil EBITDA 32 131 266 USD Mil EBT 25 118 247 USD Mil NOPAT 11 65 137 FCF Value 9 7 56 2 172 0 INDUSTRY WAAC 8 1 6 63 6 63 6 63 ALASKA SPIRIT 2015 12 2015 12 5 598 6 56 1 584 753 4 3 35 37 65 4 23 2 23 4 15 15 13 34 37 37 27 86 58 7 23 8 23 5 14 81 15 35 28 47 21 28 69 15 13 01 10 13 8 76 8 54 37 71 18 28 4 28 10 87 6 33 17 55 11 10 117 70 84 99 409 76 87 64 136 12 34 93 43 31 47 88 34 62 43 03 54 95 586 80 64 92 548 41 91 99 0 00 73 03 68 83 40 17 40 70 74 23 38 96 43 01 54 95 181 68 0 00 621 79 67 88 564 51 99 39 0 00 80 07 66 39 48 42 42 21 70 43 43 93 43 25 42 08 15 01 0 24 0 01 7 24 12 24 1 1 7 25 10 81 8 57 5 52 0 44 0 5 14 67 14 84 26 10 10 24 13 45 4 01 0 97 0 89 0 27 6 25 3 25 0 62 FALLBACK CASE YTD 1 YTD 2 YTD 3 87 179 334 0 06 0 43 1 00 19 63 132 0 8 2 88 8 0 07 0 80 43 8 43 8 43 8 6 78 185 18 93 207 12 80 187 4 44 104 2 23 0 98 7 6 63 6 63 6 63 SURVIVAL CASE YTD 1 YTD 2 YTD 3 68 115 150 0 05 0 17 0 25 6 31 43 0 15 3 17 4 0 14 0 16 43 8 43 8 43 8 11 30 46 1 42 60 6 32 48 6 17 26 1 1 21 6 40 0 6 63 6 63 6 63 TARGET CASE PAX ONLY FALLBACK CASE PAX ONLY SURVIVAL CASE PAX ONLY YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 97 209 378 82 163 301 66 105 134 0 10 0 53 1 12 0 04 0 38 0 83 0 07 0 13 0 18 23 74 145 16 57 113 4 26 34 2 21 7 97 6 0 3 3 69 8 0 4 8 13 8 0 00 0 20 0 88 0 03 0 63 0 04 0 12 43 8 43 8 43 8 43 8 43 8 43 8 43 8 43 8 43 8 13 98 208 2 69 154 13 22 31 25 113 229 14 84 175 1 34 46 18 100 209 7 71 155 7 23 33 7 55 117 1 39 86 7 12 17 5 4 25 9 103 7 2 7 2 7 69 8 0 11 3 29 2 6 63 6 63 6 63 6 63 6 63 6 63 6 63 6 63 6 63 69 3 79 8 82 5 63 9 75 6 79 8 55 1 66 9 66 4 67 0 77 9 80 6 61 6 73 2 77 6 53 2 64 0 62 5 43 0 64 4 70 3 34 4 59 3 68 2 18 2 42 8 45 3 38 9 61 1 67 1 30 2 55 3 64 7 14 8 37 7 38 9 24 0 51 5 58 9 13 3 44 8 56 1 8 5 28 1 31 6 19 1 47 8 55 4 8 3 43 3 51 6 11 3 22 2 24 4 14 20 30 55 34 88 7 89 26 54 33 24 8 46 16 66 18 75 11 31 28 34 32 80 4 90 25 67 30 60 11 33 13 18 14 44 9 56 32 73 40 93 4 25 25 80 38 02 5 61 13 02 16 56 2 15 23 79 34 78 7 09 29 73 38 67 7 03 9 74 12 40 12 41 38 35 45 45 6 18 31 26 43 33 5 89 17 23 21 28 9 52 35 33 43 51 3 70 29 18 40 25 7 70 13 36 16 64 8 83 41 17 79 16 2 93 27 82 60 14 5 69 15 42 21 60 5 95 34 71 65 60 0 71 24 52 49 62 6 63 10 56 14 69 2 YEAR 54 52 45 47 49 99 51 39 46 47 48 93 40 23 23 70 31 97 53 65 44 73 49 19 49 88 45 85 47 87 37 61 21 66 29 64 2 YEAR 69 62 50 07 59 85 71 76 53 50 62 63 74 58 27 92 51 25 70 47 49 73 60 10 72 63 53 74 63 18 75 62 23 94 49 78 2 YEAR 78 87 52 23 65 55 85 55 57 25 71 40 130 36 32 20 81 28 81 51 52 24 66 88 90 43 54 58 72 50 153 62 28 50 91 06 2 YEAR 78 87 52 23 65 55 85 55 57 25 71 40 130 36 32 20 81 28 81 51 52 24 66 88 90 43 54 58 72 50 153 62 28 50 91 06 6 78 14 40 3 71 3 85 14 07 29 08 0 27 0 46 0 83 4 57 19 98 4 60 0 00 4 58 26 58 0 17 0 80 0 00 1 52 5 47 0 00 13 33 11 58 0 80 0 62 7 48 15 95 5 01 0 21 10 40 25 80 0 02 0 37 0 79 4 86 21 63 5 47 0 00 2 04 23 18 0 08 0 76 Growth Revenue Year over Year 3 Year Average Operating Income Year over Year 3 Year Average Net Income Year over Year 3 Year Average EPS Year over Year 3 Year Average Cash Flow Ratios Cap Ex as a of Sales Free Cash Flow Sales Free Cash Flow Net Income Liquidity Financial Health Interest Coverage Debt Equity 7 8 1 16 39 66 0 37 10 14 0 43 35 2 0 24 57 9 0 48 14 80 0 23 16 56 0 18 68 46 138 96 0 15 0 10 9 60 0 23 48 77 108 00 0 18 0 13 0 47 0 25 22 08 0 25 31 49 0 24 13 21 0 21 59 17 119 51 0 17 0 12 7 09 0 26 NOTES TO FINANCIALS ANALYSIS SHEET Data collected for the sample airlines is from Morningstar There are outliers that have no explanation Industry averages are courtesy of CSI Market WAAC Industry value courtesy of Washington State Dept of Airline Revenue Yield Capitalization Analysis 2015 See Business Plan for GNA WAAC strategy Of particular interest and validating the Blue Ocean strategy is the comparision of Survival Case metrics with industry averages In the Survival Cases and pariticularly the Survival Passenger Only Case the metrics are relatively aligned with the industry because in that case GNA is struggling for market share as occurs in the Red Ocean Thus it is subject to the marginal profits and ratios that normally occur in Red Ocean environments As the the cases move into Blue Ocean market environments toward Fallback and Target the metrics separate from industry averages significantly 94 RETURN TO TOC RETURN TO TOC 95 43 81 0 19 91 33 0 14 0 00 0 00 0 40 0 25 6 92 2 59 4 55 10 30 0 35 0 71 17 49 0 26 23 79 0 27

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FINANCIAL ANALYSIS GNA A BLUE OCEAN BUSINESS PLAN Financials Revenue USD Mil Earnings Per Share USD Operating Cash Flow USD Mil Free Cash Flow USD Mil Free Cash Flow Per Share USD Tax Rate Profitability Gross Margin Operating Margin EBT Margin Net Margin Return on Assets Return on Equity Return on Invested Capital AMERICAN 2015 12 40 990 11 07 6 249 98 1 27 DELTA 2015 12 40 704 5 63 7 927 4 982 5 27 36 76 UNITED 2015 12 37 864 19 47 5 992 3 245 5 63 SWA 2015 12 19 820 3 27 3 238 1 095 1 96 37 31 JETBLUE 2015 12 6 416 1 98 1 598 657 1 94 38 29 58 3 15 1 11 3 18 57 16 51 198 80 35 37 58 0 19 2 17 6 11 12 8 44 46 04 23 97 63 9 13 6 11 1 19 39 18 77 129 20 43 86 69 6 20 8 17 6 11 00 10 51 30 86 22 13 64 1 19 0 17 1 10 55 8 21 23 59 15 30 3 89 18 15 0 85 3 54 2 67 0 63 6 53 5 07 10 30 8 80 46 01 287 05 253 67 53 08 164 05 0 00 GNA A BLUE OCEAN BUSINESS PLAN TARGET CASE YTD 1 YTD 2 YTD 3 2 141 104 229 419 4 38 Share 1 USD 0 13 0 63 1 32 473 27 85 168 86 4 0 32 2 121 9 2 63 0 04 0 29 1 10 36 86 43 8 43 8 43 8 USD Mil EBIT 20 116 245 USD Mil EBITDA 32 131 266 USD Mil EBT 25 118 247 USD Mil NOPAT 11 65 137 FCF Value 9 7 56 2 172 0 INDUSTRY WAAC 8 1 6 63 6 63 6 63 ALASKA SPIRIT 2015 12 2015 12 5 598 6 56 1 584 753 4 3 35 37 65 4 23 2 23 4 15 15 13 34 37 37 27 86 58 7 23 8 23 5 14 81 15 35 28 47 21 28 69 15 13 01 10 13 8 76 8 54 37 71 18 28 4 28 10 87 6 33 17 55 11 10 117 70 84 99 409 76 87 64 136 12 34 93 43 31 47 88 34 62 43 03 54 95 586 80 64 92 548 41 91 99 0 00 73 03 68 83 40 17 40 70 74 23 38 96 43 01 54 95 181 68 0 00 621 79 67 88 564 51 99 39 0 00 80 07 66 39 48 42 42 21 70 43 43 93 43 25 42 08 15 01 0 24 0 01 7 24 12 24 1 1 7 25 10 81 8 57 5 52 0 44 0 5 14 67 14 84 26 10 10 24 13 45 4 01 0 97 0 89 0 27 6 25 3 25 0 62 FALLBACK CASE YTD 1 YTD 2 YTD 3 87 179 334 0 06 0 43 1 00 19 63 132 0 8 2 88 8 0 07 0 80 43 8 43 8 43 8 6 78 185 18 93 207 12 80 187 4 44 104 2 23 0 98 7 6 63 6 63 6 63 SURVIVAL CASE YTD 1 YTD 2 YTD 3 68 115 150 0 05 0 17 0 25 6 31 43 0 15 3 17 4 0 14 0 16 43 8 43 8 43 8 11 30 46 1 42 60 6 32 48 6 17 26 1 1 21 6 40 0 6 63 6 63 6 63 TARGET CASE PAX ONLY FALLBACK CASE PAX ONLY SURVIVAL CASE PAX ONLY YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 97 209 378 82 163 301 66 105 134 0 10 0 53 1 12 0 04 0 38 0 83 0 07 0 13 0 18 23 74 145 16 57 113 4 26 34 2 21 7 97 6 0 3 3 69 8 0 4 8 13 8 0 00 0 20 0 88 0 03 0 63 0 04 0 12 43 8 43 8 43 8 43 8 43 8 43 8 43 8 43 8 43 8 13 98 208 2 69 154 13 22 31 25 113 229 14 84 175 1 34 46 18 100 209 7 71 155 7 23 33 7 55 117 1 39 86 7 12 17 5 4 25 9 103 7 2 7 2 7 69 8 0 11 3 29 2 6 63 6 63 6 63 6 63 6 63 6 63 6 63 6 63 6 63 69 3 79 8 82 5 63 9 75 6 79 8 55 1 66 9 66 4 67 0 77 9 80 6 61 6 73 2 77 6 53 2 64 0 62 5 43 0 64 4 70 3 34 4 59 3 68 2 18 2 42 8 45 3 38 9 61 1 67 1 30 2 55 3 64 7 14 8 37 7 38 9 24 0 51 5 58 9 13 3 44 8 56 1 8 5 28 1 31 6 19 1 47 8 55 4 8 3 43 3 51 6 11 3 22 2 24 4 14 20 30 55 34 88 7 89 26 54 33 24 8 46 16 66 18 75 11 31 28 34 32 80 4 90 25 67 30 60 11 33 13 18 14 44 9 56 32 73 40 93 4 25 25 80 38 02 5 61 13 02 16 56 2 15 23 79 34 78 7 09 29 73 38 67 7 03 9 74 12 40 12 41 38 35 45 45 6 18 31 26 43 33 5 89 17 23 21 28 9 52 35 33 43 51 3 70 29 18 40 25 7 70 13 36 16 64 8 83 41 17 79 16 2 93 27 82 60 14 5 69 15 42 21 60 5 95 34 71 65 60 0 71 24 52 49 62 6 63 10 56 14 69 2 YEAR 54 52 45 47 49 99 51 39 46 47 48 93 40 23 23 70 31 97 53 65 44 73 49 19 49 88 45 85 47 87 37 61 21 66 29 64 2 YEAR 69 62 50 07 59 85 71 76 53 50 62 63 74 58 27 92 51 25 70 47 49 73 60 10 72 63 53 74 63 18 75 62 23 94 49 78 2 YEAR 78 87 52 23 65 55 85 55 57 25 71 40 130 36 32 20 81 28 81 51 52 24 66 88 90 43 54 58 72 50 153 62 28 50 91 06 2 YEAR 78 87 52 23 65 55 85 55 57 25 71 40 130 36 32 20 81 28 81 51 52 24 66 88 90 43 54 58 72 50 153 62 28 50 91 06 6 78 14 40 3 71 3 85 14 07 29 08 0 27 0 46 0 83 4 57 19 98 4 60 0 00 4 58 26 58 0 17 0 80 0 00 1 52 5 47 0 00 13 33 11 58 0 80 0 62 7 48 15 95 5 01 0 21 10 40 25 80 0 02 0 37 0 79 4 86 21 63 5 47 0 00 2 04 23 18 0 08 0 76 Growth Revenue Year over Year 3 Year Average Operating Income Year over Year 3 Year Average Net Income Year over Year 3 Year Average EPS Year over Year 3 Year Average Cash Flow Ratios Cap Ex as a of Sales Free Cash Flow Sales Free Cash Flow Net Income Liquidity Financial Health Interest Coverage Debt Equity 7 8 1 16 39 66 0 37 10 14 0 43 35 2 0 24 57 9 0 48 14 80 0 23 16 56 0 18 68 46 138 96 0 15 0 10 9 60 0 23 48 77 108 00 0 18 0 13 0 47 0 25 22 08 0 25 31 49 0 24 13 21 0 21 59 17 119 51 0 17 0 12 7 09 0 26 NOTES TO FINANCIALS ANALYSIS SHEET Data collected for the sample airlines is from Morningstar There are outliers that have no explanation Industry averages are courtesy of CSI Market WAAC Industry value courtesy of Washington State Dept of Airline Revenue Yield Capitalization Analysis 2015 See Business Plan for GNA WAAC strategy Of particular interest and validating the Blue Ocean strategy is the comparision of Survival Case metrics with industry averages In the Survival Cases and pariticularly the Survival Passenger Only Case the metrics are relatively aligned with the industry because in that case GNA is struggling for market share as occurs in the Red Ocean Thus it is subject to the marginal profits and ratios that normally occur in Red Ocean environments As the the cases move into Blue Ocean market environments toward Fallback and Target the metrics separate from industry averages significantly 94 RETURN TO TOC RETURN TO TOC 95 43 81 0 19 91 33 0 14 0 00 0 00 0 40 0 25 6 92 2 59 4 55 10 30 0 35 0 71 17 49 0 26 23 79 0 27

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CONSOLIDATED STATEMENTS GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN INCOME TARGET LA NY AVG Load Factor AVG Seats Total Revenue Total Fixed Costs Total Operating Expenses Income from Operations Total Other Income Expense Income before Taxes Total Provision for Taxes Net Income Loss FALLBACK SURVIVAL TARGET PAX ONLY YTD 1 48 25 YTD 2 79 42 YTD 3 88 46 YTD 1 42 22 YTD 2 62 33 YTD 3 72 38 YTD 1 34 18 YTD 2 48 25 YTD 3 52 27 103 978 533 34 020 033 62 407 845 41 570 688 19 962 269 21 608 419 8 828 657 12 779 762 228 614 634 39 671 016 87 633 721 140 980 913 29 510 095 111 470 818 45 453 042 66 017 776 425 374 510 53 192 320 132 249 970 293 124 540 48 324 018 244 800 522 99 605 258 145 195 264 86 942 768 34 020 033 60 184 792 26 757 976 18 413 104 8 344 872 3 400 309 4 944 563 178 839 671 39 671 016 79 025 394 99 814 277 25 945 084 73 869 193 30 098 913 43 770 280 337 339 359 53 192 320 113 990 112 223 349 247 40 630 148 182 719 099 74 450 960 108 268 139 68 492 861 34 020 033 59 208 683 9 284 178 18 366 550 9 082 372 9 082 372 114 596 162 36 774 919 71 509 030 43 087 132 16 918 355 26 168 777 10 662 725 15 506 052 150 199 214 41 948 372 89 560 187 60 639 027 20 693 096 39 945 931 16 276 364 23 669 567 YTD 1 48 25 96 933 030 34 020 033 62 407 845 34 525 185 19 264 364 15 260 821 6 230 744 9 030 077 YTD 2 79 42 209 113 063 39 671 016 87 633 721 121 479 342 27 718 527 93 760 815 38 212 093 55 548 722 FALLBACK PAX ONLY YTD 3 88 46 382 876 870 53 192 320 132 249 970 250 626 900 44 741 543 205 885 357 83 935 554 121 949 803 YTD 1 42 22 81 692 007 34 020 033 60 566 992 21 125 015 17 990 100 3 134 915 1 289 088 1 845 827 YTD 2 62 33 163 004 967 39 671 016 80 176 194 82 828 773 19 712 861 63 115 912 25 777 982 37 337 930 SURVIVAL PAX ONLY YTD 3 72 38 304 284 155 53 192 320 113 981 212 190 302 943 39 697 600 150 605 343 61 393 774 89 211 569 YTD 1 34 18 YTD 2 48 25 65 727 140 34 020 033 59 208 683 6 518 457 17 262 972 10 744 515 10 744 515 105 354 844 36 774 919 71 126 830 34 228 014 16 414 833 17 813 181 7 258 193 10 554 988 YTD 3 52 27 134 490 659 41 948 372 88 027 187 46 463 472 19 665 750 26 797 722 10 919 011 15 878 711 BALANCE TARGET Total Current Assets Total P E Total Acc Depreciation Total Property and Equipment Total Other Assets Total Assets Total Current Liabilities Total Long Term Liabilities Total Liabilities Stockholder Equity Retained earnings Total Stock Total Stockholder Equity Total Liabilities and Equity FALLBACK TARGET PAX ONLY SURVIVAL FALLBACK PAX ONLY SURVIVAL PAX ONLY YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 6 142 434 133 394 800 12 086 832 121 307 968 13 987 864 141 438 266 24 222 000 24 222 000 2 098 422 181 794 800 27 359 204 154 435 596 47 987 864 204 521 882 27 954 000 27 954 000 7 225 378 218 594 800 48 770 256 169 824 544 170 987 864 348 037 786 32 940 800 32 940 800 4 973 395 133 394 800 12 086 832 121 307 968 13 987 864 140 269 227 24 222 000 24 222 000 11 348 047 181 794 800 27 359 204 154 435 596 21 987 864 187 771 507 27 954 000 27 954 000 19 214 038 218 594 800 48 770 256 169 824 544 111 987 864 301 026 446 32 940 800 32 940 800 1 005 800 118 394 800 11 962 332 106 432 468 13 987 864 121 426 132 1 850 000 24 222 000 26 072 000 7 938 444 127 794 800 24 002 684 103 792 116 19 987 864 131 718 424 27 524 400 27 524 400 2 412 823 151 794 800 38 760 456 113 034 344 36 987 864 152 435 031 31 237 600 31 237 600 2 392 749 133 394 800 12 086 832 121 307 968 13 987 864 137 688 581 24 222 000 24 222 000 1 879 683 181 794 800 27 359 204 154 435 596 33 987 864 190 303 143 27 954 000 27 954 000 8 261 178 218 594 800 48 770 256 169 824 544 132 487 864 310 573 586 32 940 800 32 940 800 1 008 499 133 394 800 12 086 832 121 307 968 13 987 864 136 304 331 5 800 000 24 222 000 30 022 000 1 004 641 181 794 800 27 359 204 154 435 596 13 987 864 169 428 101 4 520 000 27 954 000 32 474 000 4 627 902 218 594 800 48 770 256 169 824 544 77 987 864 252 440 310 32 940 800 32 940 800 1 003 657 118 394 800 11 962 332 106 432 468 13 987 864 121 423 989 3 510 000 24 222 000 27 732 000 7 325 237 127 794 800 24 002 684 103 792 116 13 987 864 125 105 217 27 524 400 27 524 400 2 008 760 151 794 800 38 760 456 113 034 344 22 987 864 138 030 968 31 237 600 31 237 600 6 113 602 111 102 664 117 216 266 141 438 266 65 465 218 111 102 664 176 567 882 204 521 882 203 994 322 111 102 664 315 096 986 348 037 786 4 944 563 111 102 664 116 047 227 140 269 227 48 714 843 111 102 664 159 817 507 187 771 507 156 982 982 111 102 664 268 085 646 301 026 446 15 748 532 111 102 664 95 354 132 121 426 132 6 908 640 111 102 664 104 194 024 131 718 424 10 094 767 111 102 664 121 197 431 152 435 031 2 363 917 111 102 664 113 466 581 137 688 581 51 246 479 111 102 664 162 349 143 190 303 143 166 530 122 111 102 664 277 632 786 310 573 586 4 820 333 111 102 664 106 282 331 136 304 331 25 851 437 111 102 664 136 954 101 169 428 101 108 396 846 111 102 664 219 499 510 252 440 310 17 410 675 111 102 664 93 691 989 121 423 989 13 521 847 111 102 664 97 580 817 125 105 217 4 309 296 111 102 664 106 793 368 138 030 968 CASH FLOW TARGET Cash Flows from Operating Activities Operating revenues Operating expenses Cash paid to supplies and employees Cash Provided Used by Operating Activities Cash Provided Used by Investment Activities Cash Provided Used by Financing Activities Net Increase Decrease in Cash Cash at Beginning of Period Cash at End of Period FALLBACK YTD 1 YTD 2 YTD 3 103 978 533 62 407 845 79 111 939 24 866 594 228 614 634 87 633 721 147 324 486 81 290 148 425 374 510 132 249 970 258 768 194 166 606 316 147 382 664 128 658 504 6 142 434 6 142 434 YTD 1 86 942 768 60 184 792 69 911 373 17 031 395 82 400 000 159 800 000 147 382 664 2 934 160 4 044 012 6 142 434 2 098 422 96 1 679 360 5 126 956 2 098 422 7 225 378 135 324 664 4 973 395 4 973 395 SURVIVAL YTD 2 YTD 3 178 839 671 79 025 394 119 797 019 59 042 652 337 339 359 113 990 112 207 660 168 129 679 191 TARGET PAX ONLY YTD 2 YTD 3 68 492 861 59 208 683 65 612 901 2 879 960 114 596 162 71 509 030 87 049 758 27 546 404 150 199 214 89 560 187 111 771 875 38 427 339 56 400 000 126 800 000 132 382 664 15 400 000 41 000 000 5 213 760 6 932 644 1 005 800 7 938 444 2 952 960 5 525 621 7 938 444 2 412 823 3 732 000 6 374 652 4 973 395 11 348 047 4 986 800 7 865 991 11 348 047 19 214 038 YTD 1 130 508 504 1 005 800 1 005 800 RETURN TO TOC YTD 1 96 933 030 62 407 845 75 816 121 21 116 909 147 382 664 128 658 504 2 392 749 2 392 749 YTD 2 YTD 3 209 113 063 87 633 721 138 291 969 70 821 094 382 876 870 132 249 970 239 516 015 143 360 855 FALLBACK PAX ONLY YTD 1 81 692 007 60 566 992 67 759 348 13 932 659 68 400 000 135 300 000 147 382 664 RETURN TO TOC 2 934 160 513 066 2 392 749 1 879 683 1 679 360 6 381 495 1 879 683 8 261 178 134 458 504 1 008 499 1 008 499 YTD 2 YTD 3 163 004 967 80 176 194 110 394 665 52 610 302 304 284 155 113 981 212 193 661 534 110 622 621 SURVIVAL PAX ONLY YTD 2 YTD 3 65 727 140 59 208 683 64 509 323 1 217 817 105 354 844 71 126 830 82 759 504 22 595 340 134 490 659 88 027 187 103 854 176 30 636 483 48 400 000 100 800 000 132 382 664 9 400 000 33 000 000 6 873 760 6 321 580 1 003 657 7 325 237 2 952 960 5 316 477 7 325 237 2 008 760 4 214 160 3 858 1 008 499 1 004 641 97 6 199 360 3 623 261 1 004 641 4 627 902 YTD 1 132 168 504 1 003 657 1 003 657

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CONSOLIDATED STATEMENTS GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN INCOME TARGET LA NY AVG Load Factor AVG Seats Total Revenue Total Fixed Costs Total Operating Expenses Income from Operations Total Other Income Expense Income before Taxes Total Provision for Taxes Net Income Loss FALLBACK SURVIVAL TARGET PAX ONLY YTD 1 48 25 YTD 2 79 42 YTD 3 88 46 YTD 1 42 22 YTD 2 62 33 YTD 3 72 38 YTD 1 34 18 YTD 2 48 25 YTD 3 52 27 103 978 533 34 020 033 62 407 845 41 570 688 19 962 269 21 608 419 8 828 657 12 779 762 228 614 634 39 671 016 87 633 721 140 980 913 29 510 095 111 470 818 45 453 042 66 017 776 425 374 510 53 192 320 132 249 970 293 124 540 48 324 018 244 800 522 99 605 258 145 195 264 86 942 768 34 020 033 60 184 792 26 757 976 18 413 104 8 344 872 3 400 309 4 944 563 178 839 671 39 671 016 79 025 394 99 814 277 25 945 084 73 869 193 30 098 913 43 770 280 337 339 359 53 192 320 113 990 112 223 349 247 40 630 148 182 719 099 74 450 960 108 268 139 68 492 861 34 020 033 59 208 683 9 284 178 18 366 550 9 082 372 9 082 372 114 596 162 36 774 919 71 509 030 43 087 132 16 918 355 26 168 777 10 662 725 15 506 052 150 199 214 41 948 372 89 560 187 60 639 027 20 693 096 39 945 931 16 276 364 23 669 567 YTD 1 48 25 96 933 030 34 020 033 62 407 845 34 525 185 19 264 364 15 260 821 6 230 744 9 030 077 YTD 2 79 42 209 113 063 39 671 016 87 633 721 121 479 342 27 718 527 93 760 815 38 212 093 55 548 722 FALLBACK PAX ONLY YTD 3 88 46 382 876 870 53 192 320 132 249 970 250 626 900 44 741 543 205 885 357 83 935 554 121 949 803 YTD 1 42 22 81 692 007 34 020 033 60 566 992 21 125 015 17 990 100 3 134 915 1 289 088 1 845 827 YTD 2 62 33 163 004 967 39 671 016 80 176 194 82 828 773 19 712 861 63 115 912 25 777 982 37 337 930 SURVIVAL PAX ONLY YTD 3 72 38 304 284 155 53 192 320 113 981 212 190 302 943 39 697 600 150 605 343 61 393 774 89 211 569 YTD 1 34 18 YTD 2 48 25 65 727 140 34 020 033 59 208 683 6 518 457 17 262 972 10 744 515 10 744 515 105 354 844 36 774 919 71 126 830 34 228 014 16 414 833 17 813 181 7 258 193 10 554 988 YTD 3 52 27 134 490 659 41 948 372 88 027 187 46 463 472 19 665 750 26 797 722 10 919 011 15 878 711 BALANCE TARGET Total Current Assets Total P E Total Acc Depreciation Total Property and Equipment Total Other Assets Total Assets Total Current Liabilities Total Long Term Liabilities Total Liabilities Stockholder Equity Retained earnings Total Stock Total Stockholder Equity Total Liabilities and Equity FALLBACK TARGET PAX ONLY SURVIVAL FALLBACK PAX ONLY SURVIVAL PAX ONLY YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 YTD 1 YTD 2 YTD 3 6 142 434 133 394 800 12 086 832 121 307 968 13 987 864 141 438 266 24 222 000 24 222 000 2 098 422 181 794 800 27 359 204 154 435 596 47 987 864 204 521 882 27 954 000 27 954 000 7 225 378 218 594 800 48 770 256 169 824 544 170 987 864 348 037 786 32 940 800 32 940 800 4 973 395 133 394 800 12 086 832 121 307 968 13 987 864 140 269 227 24 222 000 24 222 000 11 348 047 181 794 800 27 359 204 154 435 596 21 987 864 187 771 507 27 954 000 27 954 000 19 214 038 218 594 800 48 770 256 169 824 544 111 987 864 301 026 446 32 940 800 32 940 800 1 005 800 118 394 800 11 962 332 106 432 468 13 987 864 121 426 132 1 850 000 24 222 000 26 072 000 7 938 444 127 794 800 24 002 684 103 792 116 19 987 864 131 718 424 27 524 400 27 524 400 2 412 823 151 794 800 38 760 456 113 034 344 36 987 864 152 435 031 31 237 600 31 237 600 2 392 749 133 394 800 12 086 832 121 307 968 13 987 864 137 688 581 24 222 000 24 222 000 1 879 683 181 794 800 27 359 204 154 435 596 33 987 864 190 303 143 27 954 000 27 954 000 8 261 178 218 594 800 48 770 256 169 824 544 132 487 864 310 573 586 32 940 800 32 940 800 1 008 499 133 394 800 12 086 832 121 307 968 13 987 864 136 304 331 5 800 000 24 222 000 30 022 000 1 004 641 181 794 800 27 359 204 154 435 596 13 987 864 169 428 101 4 520 000 27 954 000 32 474 000 4 627 902 218 594 800 48 770 256 169 824 544 77 987 864 252 440 310 32 940 800 32 940 800 1 003 657 118 394 800 11 962 332 106 432 468 13 987 864 121 423 989 3 510 000 24 222 000 27 732 000 7 325 237 127 794 800 24 002 684 103 792 116 13 987 864 125 105 217 27 524 400 27 524 400 2 008 760 151 794 800 38 760 456 113 034 344 22 987 864 138 030 968 31 237 600 31 237 600 6 113 602 111 102 664 117 216 266 141 438 266 65 465 218 111 102 664 176 567 882 204 521 882 203 994 322 111 102 664 315 096 986 348 037 786 4 944 563 111 102 664 116 047 227 140 269 227 48 714 843 111 102 664 159 817 507 187 771 507 156 982 982 111 102 664 268 085 646 301 026 446 15 748 532 111 102 664 95 354 132 121 426 132 6 908 640 111 102 664 104 194 024 131 718 424 10 094 767 111 102 664 121 197 431 152 435 031 2 363 917 111 102 664 113 466 581 137 688 581 51 246 479 111 102 664 162 349 143 190 303 143 166 530 122 111 102 664 277 632 786 310 573 586 4 820 333 111 102 664 106 282 331 136 304 331 25 851 437 111 102 664 136 954 101 169 428 101 108 396 846 111 102 664 219 499 510 252 440 310 17 410 675 111 102 664 93 691 989 121 423 989 13 521 847 111 102 664 97 580 817 125 105 217 4 309 296 111 102 664 106 793 368 138 030 968 CASH FLOW TARGET Cash Flows from Operating Activities Operating revenues Operating expenses Cash paid to supplies and employees Cash Provided Used by Operating Activities Cash Provided Used by Investment Activities Cash Provided Used by Financing Activities Net Increase Decrease in Cash Cash at Beginning of Period Cash at End of Period FALLBACK YTD 1 YTD 2 YTD 3 103 978 533 62 407 845 79 111 939 24 866 594 228 614 634 87 633 721 147 324 486 81 290 148 425 374 510 132 249 970 258 768 194 166 606 316 147 382 664 128 658 504 6 142 434 6 142 434 YTD 1 86 942 768 60 184 792 69 911 373 17 031 395 82 400 000 159 800 000 147 382 664 2 934 160 4 044 012 6 142 434 2 098 422 96 1 679 360 5 126 956 2 098 422 7 225 378 135 324 664 4 973 395 4 973 395 SURVIVAL YTD 2 YTD 3 178 839 671 79 025 394 119 797 019 59 042 652 337 339 359 113 990 112 207 660 168 129 679 191 TARGET PAX ONLY YTD 2 YTD 3 68 492 861 59 208 683 65 612 901 2 879 960 114 596 162 71 509 030 87 049 758 27 546 404 150 199 214 89 560 187 111 771 875 38 427 339 56 400 000 126 800 000 132 382 664 15 400 000 41 000 000 5 213 760 6 932 644 1 005 800 7 938 444 2 952 960 5 525 621 7 938 444 2 412 823 3 732 000 6 374 652 4 973 395 11 348 047 4 986 800 7 865 991 11 348 047 19 214 038 YTD 1 130 508 504 1 005 800 1 005 800 RETURN TO TOC YTD 1 96 933 030 62 407 845 75 816 121 21 116 909 147 382 664 128 658 504 2 392 749 2 392 749 YTD 2 YTD 3 209 113 063 87 633 721 138 291 969 70 821 094 382 876 870 132 249 970 239 516 015 143 360 855 FALLBACK PAX ONLY YTD 1 81 692 007 60 566 992 67 759 348 13 932 659 68 400 000 135 300 000 147 382 664 RETURN TO TOC 2 934 160 513 066 2 392 749 1 879 683 1 679 360 6 381 495 1 879 683 8 261 178 134 458 504 1 008 499 1 008 499 YTD 2 YTD 3 163 004 967 80 176 194 110 394 665 52 610 302 304 284 155 113 981 212 193 661 534 110 622 621 SURVIVAL PAX ONLY YTD 2 YTD 3 65 727 140 59 208 683 64 509 323 1 217 817 105 354 844 71 126 830 82 759 504 22 595 340 134 490 659 88 027 187 103 854 176 30 636 483 48 400 000 100 800 000 132 382 664 9 400 000 33 000 000 6 873 760 6 321 580 1 003 657 7 325 237 2 952 960 5 316 477 7 325 237 2 008 760 4 214 160 3 858 1 008 499 1 004 641 97 6 199 360 3 623 261 1 004 641 4 627 902 YTD 1 132 168 504 1 003 657 1 003 657

Page 6

98 Y1 M1 19 10 2 776 176 324 000 24 000 3 124 176 Y1 M2 25 13 3 609 029 316 800 30 000 3 955 829 Y1 M3 31 16 4 441 882 392 040 36 000 4 869 922 Y1 M4 37 19 5 274 734 399 300 42 000 5 716 034 Y1 M5 40 21 5 829 970 474 401 48 000 6 352 371 Y1 M6 46 24 6 662 822 507 062 54 000 7 223 884 Y1 M7 52 27 7 495 675 562 848 468 640 60 000 8 587 163 Y1 M8 56 29 8 050 910 637 114 527 220 66 000 9 281 244 Y1 M9 62 32 8 883 763 643 020 562 368 72 000 10 161 151 Y1 M10 65 34 9 438 998 800 000 2 200 000 869 141 585 800 78 000 13 971 939 Y1 M11 69 36 9 994 234 1 000 000 2 750 000 938 705 644 380 84 000 15 411 319 Y1 M12 73 38 10 549 469 800 000 2 200 000 981 072 702 960 90 000 15 323 501 YTD 1 48 25 83 007 662 2 600 000 7 150 000 7 045 503 3 491 368 684 000 103 978 533 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 72 000 2 500 3 000 243 200 212 500 115 200 18 500 10 786 2 684 638 1 327 590 23 684 216 516 77 870 138 880 6 480 20 000 31 500 86 400 1 814 4 615 072 1 490 896 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 216 000 212 500 115 200 18 500 10 786 2 585 438 1 180 080 22 920 192 459 77 870 134 400 5 760 20 000 31 500 99 840 2 097 4 352 064 396 235 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 380 000 2 500 3 000 243 200 212 500 115 200 18 500 10 786 2 992 638 1 327 590 23 684 216 516 77 870 138 880 6 480 20 000 31 500 13 350 138 240 2 903 4 989 351 119 429 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 192 000 2 500 3 000 225 200 212 500 115 200 18 500 10 786 2 786 638 1 229 250 22 920 200 478 77 870 134 400 6 000 20 000 31 500 13 350 152 000 3 192 4 677 298 1 038 736 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 243 200 212 500 115 200 18 500 10 786 2 612 638 1 327 590 22 920 216 516 77 870 134 400 6 480 20 000 31 500 8 900 181 440 3 810 4 643 764 1 708 607 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 30 375 3 000 234 000 212 500 115 200 18 500 10 786 2 633 813 1 278 420 23 684 208 497 77 870 138 880 6 240 20 000 31 500 199 680 4 193 4 622 477 2 601 407 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 234 000 212 500 115 200 18 500 10 786 2 603 438 1 447 060 22 920 208 497 82 820 134 400 6 240 20 000 31 500 188 640 224 640 4 717 4 974 572 3 612 591 942 500 131 100 126 000 47 200 95 000 42 110 103 319 99 960 200 250 222 411 7 500 1 500 1 500 1 000 1 250 1 910 928 000 2 500 3 000 243 200 212 500 115 200 18 500 10 824 3 558 234 1 517 310 22 920 216 516 83 439 134 400 6 480 20 000 31 500 212 220 295 498 250 560 5 262 6 354 039 2 927 205 947 000 131 100 126 000 47 200 107 000 42 817 104 589 101 920 204 000 226 576 7 500 1 500 1 500 1 000 1 250 1 910 212 000 2 500 3 000 225 200 212 500 115 200 18 500 10 906 2 852 668 1 431 618 23 684 200 478 83 810 138 880 6 000 20 000 31 500 226 368 17 800 256 000 5 376 5 293 882 4 867 269 1 086 200 131 100 126 000 47 200 107 000 46 993 115 307 112 896 225 000 249 900 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 281 200 212 500 115 200 18 500 11 074 2 906 230 1 777 310 22 920 216 516 96 702 151 840 71 512 20 000 31 500 235 800 17 800 357 760 7 513 5 913 103 8 058 836 1 086 200 131 100 126 000 47 200 107 000 46 993 115 307 112 896 225 000 249 900 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 281 600 212 500 115 200 18 500 11 074 2 906 630 1 808 950 22 920 208 497 100 481 156 200 87 530 20 000 31 500 259 380 17 800 379 520 7 970 6 007 078 9 404 241 1 086 200 131 100 126 000 47 200 107 000 46 993 115 307 112 896 225 000 249 900 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 272 000 212 500 115 200 18 500 11 074 2 897 030 1 770 300 23 684 208 497 97 939 156 320 71 272 20 000 31 500 282 960 17 800 380 160 7 983 5 965 145 9 358 356 11 745 600 1 573 200 1 512 000 566 400 1 104 000 515 888 1 270 594 1 234 800 2 470 500 2 743 902 90 000 18 000 18 000 12 000 15 000 22 920 1 784 000 30 000 30 375 36 000 2 942 000 2 550 000 1 382 400 222 000 130 454 34 020 033 17 423 068 278 860 2 509 983 1 012 411 1 691 880 286 474 240 000 378 000 1 405 368 295 498 106 800 2 706 240 56 830 62 407 845 41 570 688 4 203 6 699 230 604 12 450 3 179 972 159 600 996 861 4 576 991 6 067 887 5 485 7 918 230 604 14 500 23 672 159 600 996 861 1 422 804 1 819 039 9 250 230 604 23 672 159 600 996 861 1 401 487 1 520 916 249 10 508 230 604 23 672 159 600 996 861 1 400 478 361 742 34 11 841 230 604 23 672 159 600 996 861 1 398 930 309 677 7 528 230 604 23 672 159 600 996 861 1 403 209 1 198 198 1 555 8 782 230 604 159 600 996 861 1 376 728 2 235 863 2 636 10 075 230 604 159 600 996 861 1 374 354 1 552 851 11 292 230 604 159 600 996 861 1 375 773 3 491 496 4 649 12 745 230 605 159 600 996 861 1 369 672 6 689 164 10 234 14 198 230 604 159 600 996 861 1 362 633 8 041 608 12 356 230 605 159 600 1 121 361 1 499 210 7 859 146 9 103 123 192 2 767 250 26 950 3 298 332 1 915 200 12 086 832 19 962 269 21 608 419 2 123 760 348 661 2 472 421 3 595 466 647 504 106 302 753 806 1 065 233 532 321 87 392 619 713 901 203 126 015 20 688 146 703 215 039 108 982 17 892 126 874 182 803 420 559 69 044 489 603 708 595 785 527 128 961 914 488 1 321 375 546 473 89 715 636 188 916 663 1 227 379 201 500 1 428 879 2 062 617 2 348 942 385 629 2 734 571 3 954 593 2 822 298 463 341 3 285 639 4 755 969 2 753 081 451 977 3 205 058 4 654 088 7 583 641 1 245 016 8 828 657 12 779 762 RETURN TO TOC RETURN TO TOC 99 GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN TARGET INCOME YR 1 LA NY SCHED LOAD FACTOR SEATS PAX REV LA NY PAX REV Hawaii Sat Ops PAX REV London Sat Ops PAX REV NY London PAX REV SF NY Freight Rev Charter Rev Offline Ground Services Total Revenue Operating Expenses FLT OPS Salary Admin Salary MX Salary Catering Salary Ground Services Salary Workers Comp Ins FICA Unemp ETT Health Ins 401K Match Office Lease OfficeTelephone Office Supplies Mailing Flight Planning ADP Resource Marketing Crew and AC Tracking Jeppesen Coverage Reservation GDS Engine Reserves Hull Ins AC Internet Services Media IT Services Software Total Fixed Costs Fuel AC Parking Fees Landing Fees Per Diem Layover Hotel Layover Transportation Non Routine MX Aircraft Cleaning Charter Costs Flight Crew Hire PIlot Recurrent Inflight Meal Service Printing Total Operating Expenses Income from Operations Other Income Expense Int on Short Term Inv Int on Accrued Taxes Int on Accruals Charitable Contributions Int on LOC Deferred Bond Int Bond Int Total Depreciation Total Other Income Expense Income before Taxes Provision for Taxes Federal CA State Total Provision for Taxes Net Income Loss

Page 7

98 Y1 M1 19 10 2 776 176 324 000 24 000 3 124 176 Y1 M2 25 13 3 609 029 316 800 30 000 3 955 829 Y1 M3 31 16 4 441 882 392 040 36 000 4 869 922 Y1 M4 37 19 5 274 734 399 300 42 000 5 716 034 Y1 M5 40 21 5 829 970 474 401 48 000 6 352 371 Y1 M6 46 24 6 662 822 507 062 54 000 7 223 884 Y1 M7 52 27 7 495 675 562 848 468 640 60 000 8 587 163 Y1 M8 56 29 8 050 910 637 114 527 220 66 000 9 281 244 Y1 M9 62 32 8 883 763 643 020 562 368 72 000 10 161 151 Y1 M10 65 34 9 438 998 800 000 2 200 000 869 141 585 800 78 000 13 971 939 Y1 M11 69 36 9 994 234 1 000 000 2 750 000 938 705 644 380 84 000 15 411 319 Y1 M12 73 38 10 549 469 800 000 2 200 000 981 072 702 960 90 000 15 323 501 YTD 1 48 25 83 007 662 2 600 000 7 150 000 7 045 503 3 491 368 684 000 103 978 533 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 72 000 2 500 3 000 243 200 212 500 115 200 18 500 10 786 2 684 638 1 327 590 23 684 216 516 77 870 138 880 6 480 20 000 31 500 86 400 1 814 4 615 072 1 490 896 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 216 000 212 500 115 200 18 500 10 786 2 585 438 1 180 080 22 920 192 459 77 870 134 400 5 760 20 000 31 500 99 840 2 097 4 352 064 396 235 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 380 000 2 500 3 000 243 200 212 500 115 200 18 500 10 786 2 992 638 1 327 590 23 684 216 516 77 870 138 880 6 480 20 000 31 500 13 350 138 240 2 903 4 989 351 119 429 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 192 000 2 500 3 000 225 200 212 500 115 200 18 500 10 786 2 786 638 1 229 250 22 920 200 478 77 870 134 400 6 000 20 000 31 500 13 350 152 000 3 192 4 677 298 1 038 736 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 243 200 212 500 115 200 18 500 10 786 2 612 638 1 327 590 22 920 216 516 77 870 134 400 6 480 20 000 31 500 8 900 181 440 3 810 4 643 764 1 708 607 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 30 375 3 000 234 000 212 500 115 200 18 500 10 786 2 633 813 1 278 420 23 684 208 497 77 870 138 880 6 240 20 000 31 500 199 680 4 193 4 622 477 2 601 407 942 500 131 100 126 000 47 200 83 000 41 426 102 395 99 176 198 750 220 745 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 234 000 212 500 115 200 18 500 10 786 2 603 438 1 447 060 22 920 208 497 82 820 134 400 6 240 20 000 31 500 188 640 224 640 4 717 4 974 572 3 612 591 942 500 131 100 126 000 47 200 95 000 42 110 103 319 99 960 200 250 222 411 7 500 1 500 1 500 1 000 1 250 1 910 928 000 2 500 3 000 243 200 212 500 115 200 18 500 10 824 3 558 234 1 517 310 22 920 216 516 83 439 134 400 6 480 20 000 31 500 212 220 295 498 250 560 5 262 6 354 039 2 927 205 947 000 131 100 126 000 47 200 107 000 42 817 104 589 101 920 204 000 226 576 7 500 1 500 1 500 1 000 1 250 1 910 212 000 2 500 3 000 225 200 212 500 115 200 18 500 10 906 2 852 668 1 431 618 23 684 200 478 83 810 138 880 6 000 20 000 31 500 226 368 17 800 256 000 5 376 5 293 882 4 867 269 1 086 200 131 100 126 000 47 200 107 000 46 993 115 307 112 896 225 000 249 900 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 281 200 212 500 115 200 18 500 11 074 2 906 230 1 777 310 22 920 216 516 96 702 151 840 71 512 20 000 31 500 235 800 17 800 357 760 7 513 5 913 103 8 058 836 1 086 200 131 100 126 000 47 200 107 000 46 993 115 307 112 896 225 000 249 900 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 281 600 212 500 115 200 18 500 11 074 2 906 630 1 808 950 22 920 208 497 100 481 156 200 87 530 20 000 31 500 259 380 17 800 379 520 7 970 6 007 078 9 404 241 1 086 200 131 100 126 000 47 200 107 000 46 993 115 307 112 896 225 000 249 900 7 500 1 500 1 500 1 000 1 250 1 910 2 500 3 000 272 000 212 500 115 200 18 500 11 074 2 897 030 1 770 300 23 684 208 497 97 939 156 320 71 272 20 000 31 500 282 960 17 800 380 160 7 983 5 965 145 9 358 356 11 745 600 1 573 200 1 512 000 566 400 1 104 000 515 888 1 270 594 1 234 800 2 470 500 2 743 902 90 000 18 000 18 000 12 000 15 000 22 920 1 784 000 30 000 30 375 36 000 2 942 000 2 550 000 1 382 400 222 000 130 454 34 020 033 17 423 068 278 860 2 509 983 1 012 411 1 691 880 286 474 240 000 378 000 1 405 368 295 498 106 800 2 706 240 56 830 62 407 845 41 570 688 4 203 6 699 230 604 12 450 3 179 972 159 600 996 861 4 576 991 6 067 887 5 485 7 918 230 604 14 500 23 672 159 600 996 861 1 422 804 1 819 039 9 250 230 604 23 672 159 600 996 861 1 401 487 1 520 916 249 10 508 230 604 23 672 159 600 996 861 1 400 478 361 742 34 11 841 230 604 23 672 159 600 996 861 1 398 930 309 677 7 528 230 604 23 672 159 600 996 861 1 403 209 1 198 198 1 555 8 782 230 604 159 600 996 861 1 376 728 2 235 863 2 636 10 075 230 604 159 600 996 861 1 374 354 1 552 851 11 292 230 604 159 600 996 861 1 375 773 3 491 496 4 649 12 745 230 605 159 600 996 861 1 369 672 6 689 164 10 234 14 198 230 604 159 600 996 861 1 362 633 8 041 608 12 356 230 605 159 600 1 121 361 1 499 210 7 859 146 9 103 123 192 2 767 250 26 950 3 298 332 1 915 200 12 086 832 19 962 269 21 608 419 2 123 760 348 661 2 472 421 3 595 466 647 504 106 302 753 806 1 065 233 532 321 87 392 619 713 901 203 126 015 20 688 146 703 215 039 108 982 17 892 126 874 182 803 420 559 69 044 489 603 708 595 785 527 128 961 914 488 1 321 375 546 473 89 715 636 188 916 663 1 227 379 201 500 1 428 879 2 062 617 2 348 942 385 629 2 734 571 3 954 593 2 822 298 463 341 3 285 639 4 755 969 2 753 081 451 977 3 205 058 4 654 088 7 583 641 1 245 016 8 828 657 12 779 762 RETURN TO TOC RETURN TO TOC 99 GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN TARGET INCOME YR 1 LA NY SCHED LOAD FACTOR SEATS PAX REV LA NY PAX REV Hawaii Sat Ops PAX REV London Sat Ops PAX REV NY London PAX REV SF NY Freight Rev Charter Rev Offline Ground Services Total Revenue Operating Expenses FLT OPS Salary Admin Salary MX Salary Catering Salary Ground Services Salary Workers Comp Ins FICA Unemp ETT Health Ins 401K Match Office Lease OfficeTelephone Office Supplies Mailing Flight Planning ADP Resource Marketing Crew and AC Tracking Jeppesen Coverage Reservation GDS Engine Reserves Hull Ins AC Internet Services Media IT Services Software Total Fixed Costs Fuel AC Parking Fees Landing Fees Per Diem Layover Hotel Layover Transportation Non Routine MX Aircraft Cleaning Charter Costs Flight Crew Hire PIlot Recurrent Inflight Meal Service Printing Total Operating Expenses Income from Operations Other Income Expense Int on Short Term Inv Int on Accrued Taxes Int on Accruals Charitable Contributions Int on LOC Deferred Bond Int Bond Int Total Depreciation Total Other Income Expense Income before Taxes Provision for Taxes Federal CA State Total Provision for Taxes Net Income Loss

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104 Y1 M1 Y1 M2 Y1 M3 Y1 M4 Y1 M5 Y1 M6 Y1 M7 1 007 896 1 007 896 1 001 140 1 001 140 1 855 647 1 855 647 2 905 388 2 905 388 4 644 548 4 644 548 3 494 923 3 494 923 7 127 397 7 127 397 10 086 059 10 086 059 11 985 811 11 985 811 20 118 786 20 118 786 29 604 605 29 604 605 6 142 434 6 142 434 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 996 861 117 397 939 600 000 13 387 864 13 987 864 132 393 699 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 1 993 722 116 401 078 600 000 13 387 864 13 987 864 131 390 082 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 2 990 583 115 404 217 600 000 13 387 864 13 987 864 131 247 728 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 3 987 444 114 407 356 600 000 13 387 864 13 987 864 131 300 608 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 4 984 305 113 410 495 600 000 13 387 864 13 987 864 132 042 907 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 5 981 166 112 413 634 600 000 13 387 864 13 987 864 129 896 421 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 6 978 027 111 416 773 600 000 13 387 864 13 987 864 132 532 034 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 7 974 888 110 419 912 600 000 13 387 864 13 987 864 134 493 835 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 8 971 749 109 423 051 600 000 13 387 864 13 987 864 135 396 726 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 9 968 610 108 426 190 600 000 13 387 864 13 987 864 142 532 840 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 10 965 471 107 429 329 600 000 13 387 864 13 987 864 151 021 798 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 8 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 133 394 800 12 086 832 121 307 968 165 750 2 472 421 2 490 000 3 179 972 3 363 301 331 500 3 226 227 2 900 000 3 203 644 3 208 917 497 250 3 227 316 3 724 566 663 000 146 703 3 250 988 3 767 285 828 750 19 829 3 274 660 4 083 581 994 500 994 500 1 160 250 914 488 2 074 738 1 326 000 1 550 676 2 876 676 1 491 750 1 491 750 1 657 500 2 734 571 4 392 071 1 823 250 6 020 210 7 843 460 7 000 000 7 000 000 7 000 000 280 000 243 200 21 523 200 24 886 501 7 000 000 7 000 000 7 000 000 280 000 459 200 21 739 200 24 948 117 7 000 000 7 000 000 7 000 000 280 000 702 400 21 982 400 25 706 966 7 000 000 7 000 000 7 000 000 280 000 927 600 22 207 600 25 974 885 7 000 000 7 000 000 7 000 000 280 000 1 170 800 22 450 800 26 534 381 7 000 000 7 000 000 7 000 000 280 000 1 404 800 22 684 800 23 679 300 7 000 000 7 000 000 7 000 000 280 000 1 638 800 22 918 800 24 993 538 7 000 000 7 000 000 7 000 000 280 000 1 882 000 23 162 000 26 038 676 7 000 000 7 000 000 7 000 000 280 000 2 107 200 23 387 200 24 878 950 7 000 000 7 000 000 7 000 000 280 000 2 388 400 23 668 400 28 060 471 7 000 000 7 000 000 7 000 000 280 000 2 670 000 23 950 000 31 793 460 7 000 000 7 000 000 7 000 000 280 000 2 942 000 24 222 000 24 222 000 3 595 466 4 660 699 5 561 902 5 776 941 5 594 138 4 885 543 3 564 168 2 647 505 584 888 3 369 705 8 125 674 6 113 602 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 107 507 198 132 393 699 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 106 441 965 131 390 082 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 105 540 762 131 247 728 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 105 325 723 131 300 608 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 105 508 526 132 042 907 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 106 217 121 129 896 421 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 107 538 496 132 532 034 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 108 455 159 134 493 835 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 110 517 776 135 396 726 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 114 472 369 142 532 840 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 119 228 338 151 021 798 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 117 216 266 141 438 266 RETURN TO TOC RETURN TO TOC Y1 M8 Y1 M9 Y1 M10 105 Y1 M11 Y1 M12 600 000 13 387 864 13 987 864 141 438 266 GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN TARGET BALANCE YR 1 Assets Cash and cash equivalents Total Current Assets Property and Equipment LAX Terminal JFK Terminal Aircraft 1 Aircraft 2 Aircraft 3 Aircraft 4 Aircraft 5 Aircraft 6 Completion 1 Completion 2 Completion 3 Completion 4 Completion 5 Completion 6 FANS NAV SAT 1 2 3 FANS NAV SAT 4 FANS NAV SAT 5 6 Spare Parts Inventory Ground Equipment Kitchen Equipment Terminal Furnishings Office Furniture and Equipment Total P E Total Acc Depreciation Total Property and Equipment Other Assets Short Term Investment C Check Capitalization Startup Operations Capital Total Other Assets Total Assets Liabilities and Equity Current Liabilities Accrued Bond Int Accrued Taxes LOC Accrued Deferred Bond Int Total Current Liabilities Long Term Liabilities Aircraft Secured Bonds 1 Aircraft Secured Bonds 2 Aircraft Secured Bonds 3 Ground Equipment Bond Accrued Engine Reserves Total Long Term Liabilities Total Liabilities Stockholder Equity Retained earnings Stock Startup Operations Capital Fund LAX Terminal Fund JFK Terminal Fund Interior Completions Fund FANS NAV SAT Fund C Check Fund Spare Parts Fund Kitchen Equipment Fund Terminal Furnishings Fund Office Furniture and Equipment Fund Total Stock Total Stockholder Equity Total Liabilities and Equity

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104 Y1 M1 Y1 M2 Y1 M3 Y1 M4 Y1 M5 Y1 M6 Y1 M7 1 007 896 1 007 896 1 001 140 1 001 140 1 855 647 1 855 647 2 905 388 2 905 388 4 644 548 4 644 548 3 494 923 3 494 923 7 127 397 7 127 397 10 086 059 10 086 059 11 985 811 11 985 811 20 118 786 20 118 786 29 604 605 29 604 605 6 142 434 6 142 434 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 996 861 117 397 939 600 000 13 387 864 13 987 864 132 393 699 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 1 993 722 116 401 078 600 000 13 387 864 13 987 864 131 390 082 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 2 990 583 115 404 217 600 000 13 387 864 13 987 864 131 247 728 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 3 987 444 114 407 356 600 000 13 387 864 13 987 864 131 300 608 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 4 984 305 113 410 495 600 000 13 387 864 13 987 864 132 042 907 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 5 981 166 112 413 634 600 000 13 387 864 13 987 864 129 896 421 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 6 978 027 111 416 773 600 000 13 387 864 13 987 864 132 532 034 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 7 974 888 110 419 912 600 000 13 387 864 13 987 864 134 493 835 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 8 971 749 109 423 051 600 000 13 387 864 13 987 864 135 396 726 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 9 968 610 108 426 190 600 000 13 387 864 13 987 864 142 532 840 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 118 394 800 10 965 471 107 429 329 600 000 13 387 864 13 987 864 151 021 798 12 300 000 4 200 000 7 000 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 8 000 000 7 200 000 820 000 280 000 74 800 360 000 160 000 133 394 800 12 086 832 121 307 968 165 750 2 472 421 2 490 000 3 179 972 3 363 301 331 500 3 226 227 2 900 000 3 203 644 3 208 917 497 250 3 227 316 3 724 566 663 000 146 703 3 250 988 3 767 285 828 750 19 829 3 274 660 4 083 581 994 500 994 500 1 160 250 914 488 2 074 738 1 326 000 1 550 676 2 876 676 1 491 750 1 491 750 1 657 500 2 734 571 4 392 071 1 823 250 6 020 210 7 843 460 7 000 000 7 000 000 7 000 000 280 000 243 200 21 523 200 24 886 501 7 000 000 7 000 000 7 000 000 280 000 459 200 21 739 200 24 948 117 7 000 000 7 000 000 7 000 000 280 000 702 400 21 982 400 25 706 966 7 000 000 7 000 000 7 000 000 280 000 927 600 22 207 600 25 974 885 7 000 000 7 000 000 7 000 000 280 000 1 170 800 22 450 800 26 534 381 7 000 000 7 000 000 7 000 000 280 000 1 404 800 22 684 800 23 679 300 7 000 000 7 000 000 7 000 000 280 000 1 638 800 22 918 800 24 993 538 7 000 000 7 000 000 7 000 000 280 000 1 882 000 23 162 000 26 038 676 7 000 000 7 000 000 7 000 000 280 000 2 107 200 23 387 200 24 878 950 7 000 000 7 000 000 7 000 000 280 000 2 388 400 23 668 400 28 060 471 7 000 000 7 000 000 7 000 000 280 000 2 670 000 23 950 000 31 793 460 7 000 000 7 000 000 7 000 000 280 000 2 942 000 24 222 000 24 222 000 3 595 466 4 660 699 5 561 902 5 776 941 5 594 138 4 885 543 3 564 168 2 647 505 584 888 3 369 705 8 125 674 6 113 602 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 107 507 198 132 393 699 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 106 441 965 131 390 082 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 105 540 762 131 247 728 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 105 325 723 131 300 608 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 105 508 526 132 042 907 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 106 217 121 129 896 421 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 107 538 496 132 532 034 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 108 455 159 134 493 835 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 110 517 776 135 396 726 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 114 472 369 142 532 840 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 119 228 338 151 021 798 13 387 864 12 300 000 4 200 000 72 000 000 7 200 000 600 000 820 000 74 800 360 000 160 000 111 102 664 117 216 266 141 438 266 RETURN TO TOC RETURN TO TOC Y1 M8 Y1 M9 Y1 M10 105 Y1 M11 Y1 M12 600 000 13 387 864 13 987 864 141 438 266 GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN TARGET BALANCE YR 1 Assets Cash and cash equivalents Total Current Assets Property and Equipment LAX Terminal JFK Terminal Aircraft 1 Aircraft 2 Aircraft 3 Aircraft 4 Aircraft 5 Aircraft 6 Completion 1 Completion 2 Completion 3 Completion 4 Completion 5 Completion 6 FANS NAV SAT 1 2 3 FANS NAV SAT 4 FANS NAV SAT 5 6 Spare Parts Inventory Ground Equipment Kitchen Equipment Terminal Furnishings Office Furniture and Equipment Total P E Total Acc Depreciation Total Property and Equipment Other Assets Short Term Investment C Check Capitalization Startup Operations Capital Total Other Assets Total Assets Liabilities and Equity Current Liabilities Accrued Bond Int Accrued Taxes LOC Accrued Deferred Bond Int Total Current Liabilities Long Term Liabilities Aircraft Secured Bonds 1 Aircraft Secured Bonds 2 Aircraft Secured Bonds 3 Ground Equipment Bond Accrued Engine Reserves Total Long Term Liabilities Total Liabilities Stockholder Equity Retained earnings Stock Startup Operations Capital Fund LAX Terminal Fund JFK Terminal Fund Interior Completions Fund FANS NAV SAT Fund C Check Fund Spare Parts Fund Kitchen Equipment Fund Terminal Furnishings Fund Office Furniture and Equipment Fund Total Stock Total Stockholder Equity Total Liabilities and Equity

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110 Y1 M1 3 124 176 4 615 072 4 203 12 450 6 699 230 604 2 123 760 348 661 2 472 421 165 750 3 179 972 4 849 480 1 725 304 12 300 000 4 200 000 280 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 74 800 820 000 360 000 160 000 600 000 13 387 864 132 382 664 2 490 000 280 000 7 000 000 7 000 000 7 000 000 243 200 4 200 000 72 000 000 7 200 000 360 000 160 000 600 000 74 800 13 387 864 135 115 864 1 007 896 1 007 896 Y1 M2 Y1 M3 Y1 M4 Y1 M5 Y1 M6 Y1 M7 Y1 M8 Y1 M9 Y1 M10 Y1 M11 Y1 M12 YTD 1 15 323 501 5 965 145 12 356 230 605 2 753 081 451 977 6 020 210 1 823 250 17 391 512 2 068 011 103 978 533 62 407 845 9 103 26 950 123 192 2 767 250 7 583 641 1 245 016 79 111 939 24 866 594 7 000 000 8 000 000 15 000 000 12 300 000 4 200 000 280 000 7 000 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 8 000 000 7 200 000 74 800 820 000 360 000 160 000 600 000 13 387 864 147 382 664 3 955 829 4 352 064 5 485 14 500 7 918 230 604 647 504 106 302 753 806 165 750 23 672 4 588 585 632 756 4 869 922 4 989 351 9 250 230 604 532 321 87 392 3 226 227 165 750 23 672 1 358 615 3 511 307 5 716 034 4 677 298 249 10 508 230 604 126 015 20 688 146 703 165 750 23 672 4 891 493 824 541 6 352 371 4 643 764 34 11 841 230 604 108 982 17 892 126 874 165 750 23 672 4 856 411 1 495 960 7 223 884 4 622 477 7 528 230 604 420 559 69 044 19 829 165 750 3 274 660 8 607 509 1 383 625 8 587 163 4 974 572 1 555 8 782 230 604 785 527 128 961 914 488 165 750 5 188 689 3 398 474 9 281 244 6 354 039 2 636 10 075 230 604 546 473 89 715 636 188 165 750 6 565 782 2 715 462 10 161 151 5 293 882 11 292 230 604 1 227 379 201 500 1 550 676 165 750 8 486 599 1 674 552 13 971 939 5 913 103 4 649 12 745 230 605 2 348 942 385 629 2 734 571 165 750 6 120 164 7 851 775 15 411 319 6 007 078 10 234 14 198 230 604 2 822 298 463 341 3 285 639 165 750 6 207 100 9 204 219 410 000 216 000 626 000 6 756 1 007 896 1 001 140 2 900 000 243 200 2 656 800 854 507 1 001 140 1 855 647 225 200 225 200 1 049 741 1 855 647 2 905 388 RETURN TO TOC 243 200 243 200 1 739 160 2 905 388 4 644 548 234 000 234 000 1 149 625 4 644 548 3 494 923 234 000 234 000 3 632 474 3 494 923 7 127 397 RETURN TO TOC 243 200 243 200 2 958 662 7 127 397 10 086 059 225 200 225 200 1 899 752 10 086 059 11 985 811 281 200 281 200 8 132 975 11 985 811 20 118 786 111 281 600 281 600 9 485 819 20 118 786 29 604 605 272 000 6 666 160 6 394 160 23 462 171 29 604 605 6 142 434 280 000 7 000 000 7 000 000 7 000 000 2 942 000 4 200 000 72 000 000 7 200 000 360 000 160 000 600 000 74 800 13 387 864 6 666 160 128 658 504 6 142 434 6 142 434 GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN TARGET CASH FLOW YR 1 Cash Flows from Operating Activities Operating revenues Operating expenses Cash from Int on Short Term Inv Cash from Int on Accrued Taxes Cash from Int on LOC Cash from Int on Accruals Cash from Charitable Contributions Cash from Federal Cash from CA State Change in Accrued taxes Change in Accrued Bond Int Change in Accrued Deferred Bond Int Cash paid to supplies and employees Cash Provided Used by Operating Activities Cash Flows from Investment Activities Change in LAX Terminal Change in JFK Terminal Change in Ground Equipment Change in Aircraft 1 Change in Aircraft 2 Change in Aircraft 3 Change in Aircraft 4 Change in Aircraft 5 Change in Aircraft 6 Change in Completion 1 Change in Completion 2 Change in Completion 3 Change in Completion 4 Change in Completion 5 Change in Completion 6 Change in FANS NAV SAT 1 2 3 Change in FANS NAV SAT 4 Change in FANS NAV SAT 5 6 Change in Kitchen Equipment Change in Spare Parts Inventory Change in Terminal Furnishings Change in Office Furniture and Equipment Change in Short Term Investment Change in C Check Capitalization Change in Startup Operations Capital Cash Provided Used by Investment Activities Cash Flows from Financing Activities Change in LOC Change in Ground Equipment Bond Change in Aircraft Secured Bonds 1 Change in Aircraft Secured Bonds 2 Change in Aircraft Secured Bonds 3 Change in Accrued Engine Reserves Change in JFK Terminal Fund Change in Interior Completions Fund Change in FANS NAV SAT Fund Change in Terminal Furnishings Fund Change in Office Furniture and Equipment Fund Change in C Check Fund Change in Kitchen Equipment Fund Change in Startup Operations Capital Fund Distribution Adj to retained earnings Cash Provided Used by Financing Activities Net Increase Decrease in Cash Cash at Beginning of Period Cash at End of Period

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110 Y1 M1 3 124 176 4 615 072 4 203 12 450 6 699 230 604 2 123 760 348 661 2 472 421 165 750 3 179 972 4 849 480 1 725 304 12 300 000 4 200 000 280 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 7 200 000 74 800 820 000 360 000 160 000 600 000 13 387 864 132 382 664 2 490 000 280 000 7 000 000 7 000 000 7 000 000 243 200 4 200 000 72 000 000 7 200 000 360 000 160 000 600 000 74 800 13 387 864 135 115 864 1 007 896 1 007 896 Y1 M2 Y1 M3 Y1 M4 Y1 M5 Y1 M6 Y1 M7 Y1 M8 Y1 M9 Y1 M10 Y1 M11 Y1 M12 YTD 1 15 323 501 5 965 145 12 356 230 605 2 753 081 451 977 6 020 210 1 823 250 17 391 512 2 068 011 103 978 533 62 407 845 9 103 26 950 123 192 2 767 250 7 583 641 1 245 016 79 111 939 24 866 594 7 000 000 8 000 000 15 000 000 12 300 000 4 200 000 280 000 7 000 000 7 000 000 7 000 000 7 000 000 24 000 000 24 000 000 24 000 000 8 000 000 7 200 000 74 800 820 000 360 000 160 000 600 000 13 387 864 147 382 664 3 955 829 4 352 064 5 485 14 500 7 918 230 604 647 504 106 302 753 806 165 750 23 672 4 588 585 632 756 4 869 922 4 989 351 9 250 230 604 532 321 87 392 3 226 227 165 750 23 672 1 358 615 3 511 307 5 716 034 4 677 298 249 10 508 230 604 126 015 20 688 146 703 165 750 23 672 4 891 493 824 541 6 352 371 4 643 764 34 11 841 230 604 108 982 17 892 126 874 165 750 23 672 4 856 411 1 495 960 7 223 884 4 622 477 7 528 230 604 420 559 69 044 19 829 165 750 3 274 660 8 607 509 1 383 625 8 587 163 4 974 572 1 555 8 782 230 604 785 527 128 961 914 488 165 750 5 188 689 3 398 474 9 281 244 6 354 039 2 636 10 075 230 604 546 473 89 715 636 188 165 750 6 565 782 2 715 462 10 161 151 5 293 882 11 292 230 604 1 227 379 201 500 1 550 676 165 750 8 486 599 1 674 552 13 971 939 5 913 103 4 649 12 745 230 605 2 348 942 385 629 2 734 571 165 750 6 120 164 7 851 775 15 411 319 6 007 078 10 234 14 198 230 604 2 822 298 463 341 3 285 639 165 750 6 207 100 9 204 219 410 000 216 000 626 000 6 756 1 007 896 1 001 140 2 900 000 243 200 2 656 800 854 507 1 001 140 1 855 647 225 200 225 200 1 049 741 1 855 647 2 905 388 RETURN TO TOC 243 200 243 200 1 739 160 2 905 388 4 644 548 234 000 234 000 1 149 625 4 644 548 3 494 923 234 000 234 000 3 632 474 3 494 923 7 127 397 RETURN TO TOC 243 200 243 200 2 958 662 7 127 397 10 086 059 225 200 225 200 1 899 752 10 086 059 11 985 811 281 200 281 200 8 132 975 11 985 811 20 118 786 111 281 600 281 600 9 485 819 20 118 786 29 604 605 272 000 6 666 160 6 394 160 23 462 171 29 604 605 6 142 434 280 000 7 000 000 7 000 000 7 000 000 2 942 000 4 200 000 72 000 000 7 200 000 360 000 160 000 600 000 74 800 13 387 864 6 666 160 128 658 504 6 142 434 6 142 434 GNA A BLUE OCEAN BUSINESS PLAN GNA A BLUE OCEAN BUSINESS PLAN TARGET CASH FLOW YR 1 Cash Flows from Operating Activities Operating revenues Operating expenses Cash from Int on Short Term Inv Cash from Int on Accrued Taxes Cash from Int on LOC Cash from Int on Accruals Cash from Charitable Contributions Cash from Federal Cash from CA State Change in Accrued taxes Change in Accrued Bond Int Change in Accrued Deferred Bond Int Cash paid to supplies and employees Cash Provided Used by Operating Activities Cash Flows from Investment Activities Change in LAX Terminal Change in JFK Terminal Change in Ground Equipment Change in Aircraft 1 Change in Aircraft 2 Change in Aircraft 3 Change in Aircraft 4 Change in Aircraft 5 Change in Aircraft 6 Change in Completion 1 Change in Completion 2 Change in Completion 3 Change in Completion 4 Change in Completion 5 Change in Completion 6 Change in FANS NAV SAT 1 2 3 Change in FANS NAV SAT 4 Change in FANS NAV SAT 5 6 Change in Kitchen Equipment Change in Spare Parts Inventory Change in Terminal Furnishings Change in Office Furniture and Equipment Change in Short Term Investment Change in C Check Capitalization Change in Startup Operations Capital Cash Provided Used by Investment Activities Cash Flows from Financing Activities Change in LOC Change in Ground Equipment Bond Change in Aircraft Secured Bonds 1 Change in Aircraft Secured Bonds 2 Change in Aircraft Secured Bonds 3 Change in Accrued Engine Reserves Change in JFK Terminal Fund Change in Interior Completions Fund Change in FANS NAV SAT Fund Change in Terminal Furnishings Fund Change in Office Furniture and Equipment Fund Change in C Check Fund Change in Kitchen Equipment Fund Change in Startup Operations Capital Fund Distribution Adj to retained earnings Cash Provided Used by Financing Activities Net Increase Decrease in Cash Cash at Beginning of Period Cash at End of Period