1. Introduction to the Avocet ProJet Introduction to the Avocet ProJet SpeedNews Eighth Regional & Corporate Aviation Suppliers Conference November 3, 2003 Mark Biagetti Chief Operating Officer Avocet Aircraft

2. Avocet Overview ProJet Aircraft Air Taxi Market

3. Avocet Aircraft A new company with… A 50-year history of success 14,500+ employees $4.5bn backlog Through its strategic alliance with…

4. Israel Aircraft Industries The Avocet ProJet will be designed, built and certified by IAI Designed, building and certifying G100, G200 and G150.

5. The Avocet ProJet Senior Team Carey Wolchok – Chairman David Tait – CEO Mark Biagetti - COO Jeff Myers – VP Marketing & Sales

6. Avocet Advisory Board Selected Members Dr. Jacob Frenkel – Chairman, Merrill Lynch International Joe Montana – Pilot, IAI product owner Dr. Gil Amelio – Former CEO Apple Computer Al Schwimmer – Founder IAI Sir Freddie Laker – Aviation Pioneer Joe Edwards – Astronaut, test pilot, Chairman National Science Center

7. The Avocet ProJet

9. ProJet Basics Target price: $2 million 6-place with fully enclosed lavatory Ceiling: FL410 Range: 1200 nm Cruise: 365 ktas Exterior baggage

10. The ProJet has been designed to provide its owners with … Convenience Safety Reliability Affordable costs – Acquisition – Operating

11. What Makes a Professional Jet? Built for high-usage, high-cycles per year Progressive maintenance Low DOCs Efficient and modular cabin design Pilot/operator-friendly, state-of-art systems – Avionics – Engines

12. What Makes a Professional Jet? A cross-section that’s Bigger than Eclipse Bigger than Mustang Bigger than CJ1 … and half the cost

13. CJ 1 MUSTANG ECLIPSE 58.” 57.” 56” 54” ADAM 700 54” 52” 58.3” 57.0” ProJet 56” 50”

14. ProJet Interior Interior 6-place configuration – Fully enclosed lavatory – Custom designed AvoSeats that swivel/move for tandem or club seating arrangements – Room for extra baggage

15. 6-Place Interior

16. Utilitarian Interior Optional 8-place configuration – Lav removed; bench sofa seat installed – Room for kids, pets, golf clubs, bags

17. Utilitarian Interior

18. Timing First Flight – Fall 2005 Certification – Late 2006 Deliveries – Late 2006

19. Recent News August 4, 2003 Avocet announces ProJet program October 8, 2003 Avocet announces fleet order of 100 aircraft from UltraJet

20. New Air Taxi Market

21. It started with a simple idea

23. And a simple, compelling fact

27. … a revelation

30. … and a solution

32. Air Taxi High utilization – Baseline 1,200 hours/cycles per year – Capable of 2,000 hours/cycles per year On demand – Not a scheduled service Aggregation – Several non-related customers at a time Flexibility – Service to smaller airport locations

33. Real life example Trip from New Canaan, CT to Cleveland, OH – 3 people traveling together for a 2 hour meeting starting at noon Options – Commercial airlines $3,300 LGA-CLE rt 10 hour round trip travel time Includes 2 hours flying – Commercial airlines $1,380 LGA-CLE via Tampa 14 hour round trip travel time (overnight?) – Charter $1,800 Danbury-CLE 4.5 hour round trip travel time 3.5 hours flying Small, old, piston twin (Aerostar) with one pilot Travel time is door to door, excluding meeting time

34. Air Taxi Market Enablers Purpose-built aircraft availability Public acceptance Development of critical mass

35. ProJet description Air taxi market description Revolutionizing the way we travel The Ultimate Off-Road Vehicle Summary

37. Avocet Aircraft 10 Bay Street Westport, CT 06880 (203) 454-5656 (203) 454-5858 fax www.avocetaircraft.com