Magellan Air Limited Background & Business

1. Magellan Air LimitedBackground &Business

2. Magellan Air Limited • Active in the aircraft trading and financing industry • Sophisticated asset management tools • A financially strong group • Global presence • Proven track record • Quality management team • Technical know-how in-house

3. Magellan Air Limited Recent Achievements • Managed the sale and lease of more than 50 aircraft, numerous engines and spares packages over the last 18 months • More than 50 aircraft under management • More than 30 customers in 20 countries • Traded/managed the ATR42, ATR72, Dash8, A310, B737, B757, F100, CF6, CFM56, PW4000 & P&W120 • Recovered aircraft from defaulting lessees and placed them in service with new operators • Managed B737-300 purchase & conversion to cargo

4. Magellan Air Limited 2004 More than US$350 million of assets under management

6. AAR Aer Arann Air Lithuania Airlinair Air Atlantique Air Malta Air Wales Air Vanuatu Alenia American Eagle Airlines ATR Bank of America Binter Canarias Britair(Air France) Bangkok Airways CALyon CCM Cimber Air Coast Air debis AirFinance Jet Aviation Lao Aviation Pantanal San Paolo Bank SocGen State Street Bank Swiftair Swiss West Caribbean Airways Magellan Air Limited Clients Include

7. Magellan Air Limited Capabilities & Expertise Aircraft Marketing Sale & Lease Negotiation Transaction Documentation Aircraft Management Technical Inspections & Record Audits Deliveries & Re-deliveries Company Management Market Intelligence

8. Magellan Air Limited • Rent & Reserve Collection & Administration “We are members of the IATA Clearing House which allows us to collect rents and reserves directly though the clearing system.”

9. Magellan Air Limited Aircraft Registration Turnkey solutions for investors wishing to establish Irish resident aircraft trading and leasing companies. “International Airline Set up a subsidiary in Italy, acquired a package of aircraft for lease to that company, Magellan placed the aircraft on the Irish Register and manages all CAA issues and technical monitoring of the aircraft for the owner.”

10. Magellan Air Limited • 1998 Founded as AGES Aircraft Sales & Leasing Limited (Volvo Aero) Base in Shannon, Ireland Financed: Three DC10-30’s B757-200 Falcon 900

11. Magellan Air Limited • 1999 Added 2 major aircraft portfolios: GPA-ATR (1) 22 aircraft PLTC (2) 7 Aircraft • debis AirFinance, ATR, CALyon and San Paolo Bank • TAT Group, SocGen, CALyon, Swiss

12. Magellan Air Limited • 2000 Company acquired by Magellan Group and Management: Magellan Group Robert Fessler Founder of Ages now Volvo Aero Declan Treacy Ex GPA/AerFi (debis AirFinance) Raymond D. Tighe Ex GECAS/GPA September 2000: TAT Group acquired: 50% Expanded Portfolio by: 23 aircraft

13. Magellan Air Limited • 2001 Launched & implemented remote access fleet management system • 2002 Sold & leased aircraft in Europe and the USA • 2003 Expanded into in Africa, Asia, Canada and the Middle East

14. Magellan Air Limited Magellan Group In Profile • Active in the aircraft engine , parts and accessories business • Provides management services designed to recover money for investors: - collects accounts receivable on liquidation; - has long term relationships with P&W Canada, Lufthansa Aero, SECA, Telford Aviation and others; - can use customer furnished material for real dollar savings; - can pass-through savingsand preferential terms of aircraft and engine maintenance agreements. • Team has bought US$2 billion of product over the last fifteen years • Backed by more than 150 years of combined management experience • Product/Service mix offered to clients worldwide: Purchase of the asset Consignment of engines, spares & accessories Risk-share - owner has no money-out-of-pocket risk

15. Magellan Air Limited The Magellan Team Formula for Success “Magellan Air will market your aircraft or Magellan Group will tear it down and market it as engines and parts”

16. Magellan Air Limited TAT Group In Profile • Founded in 1968 by Michel Marchais • Developed into a major private airline • Developed TAT Express and Chronopost • Developed its maintenance activity, asset management, aircraft trading and financial investment services • Sold its airline interests to British Airways in 1993 • Sold its equity share in TAT Express and Chronopost to the French Post in 1997 • Now focused on investment

17. Magellan Air Limited • Senior Management Biographies • Declan Treacy, Managing Director, Magellan Air Ltd • 20 years experience in banking, finance and aviation • Ex Asst. Director KBC Bank, Director of America West Airlines and Director of Volvo Aero • Head of Corporate Finance at GPA Group plc. • Ray Tighe, President, Magellan Air Ltd • Over 30 years aviation experience with 24 years in aircraft leasing and trading • Executed purchase, sale and lease transactions for over 350 aircraft • Previously General manager of GPA Jetprop Ltd, founding Managing Director of GPA-ATR and Senior VP Marketing GECAS Tom Murray, Senior Vice President, Magellan Air Ltd • Chief Financial Officer • Background in investment banking and energy at JP Morgan & Conoco

18. Magellan Air Limited • Key Staff Biographies • Niall O’Meara, Technical Director • 17 years in aviation industry • Licensed Aircraft Engineer with airline background in Quality Assurance Jim Murphy, Marketing Director • 10 years in Aviation industry • Background as licensed flight dispatcher and airline commercial manager • In charge of remarketing aircraft fleets managed by Magellan. Patrick O’Meara, Technical Advisor • 49 years aviation experience • Former VP Technical GPA Jetprop and SVP maintenance and Operations TransAer International Airlines

19. Magellan Air Limited Shannon Airport House Shannon, Ireland Tel + 353-61-709 700 Fax + 353-61-709 709 Boca Raton, Florida Tel 561-447 9404 Fax 561-883 6639 info@magellanair.com www.magellanair.com