Introduction to the Introduction to the Avocet ProJetAvocet ProJet

SpeedNews Eighth Regional & Corporate Aviation Suppliers

ConferenceNovember 3, 2003

Mark BiagettiChief Operating Officer

Avocet Aircraft

Avocet Overview

ProJet Aircraft

Air Taxi Market

Avocet AircraftA new company with…

A 50-year history of success14,500+ employees$4.5bn backlog

Through its strategic alliance with…

Israel Aircraft Industries

The Avocet ProJet will be designed, built and certified by IAIDesigned, building and certifying G100, G200 and G150.

The Avocet ProJet Senior Team

Carey Wolchok – Chairman

David Tait – CEO

Mark Biagetti - COO

Jeff Myers – VP Marketing & Sales

Avocet Advisory BoardSelected 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

The Avocet ProJet

ProJet BasicsTarget price: $2 million6-place with fully enclosed lavatoryCeiling: FL410Range: 1200 nmCruise: 365 ktas Exterior baggage

The ProJet has been designed to provide its owners with …

ConvenienceSafetyReliabilityAffordable costs– Acquisition– Operating

What Makes a Professional Jet?

Built for high-usage, high-cycles per yearProgressive maintenanceLow DOCsEfficient and modular cabin designPilot/operator-friendly, state-of-art systems

– Avionics– Engines

What Makes a Professional Jet?

A cross-section that’s Bigger than Eclipse Bigger than MustangBigger than CJ1… and half the cost

CJ 1

MUSTANG

ECLIPSE

58.”

57.”

56”

54”

ADAM 700

54”

52”

58.3”

57.0”

ProJet

56”

50”

ProJet Interior

Interior6-place configuration– Fully enclosed lavatory– Custom designed AvoSeats that

swivel/move for tandem or club seating arrangements

– Room for extra baggage

6-Place Interior

Utilitarian Interior

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

Utilitarian Interior

Timing

First Flight – Fall 2005

Certification – Late 2006

Deliveries – Late 2006

Recent News

August 4, 2003 Avocet announces ProJet

program

October 8, 2003 Avocet announces fleet

order of 100 aircraft from UltraJet

New Air Taxi Market

It started with a simple idea

And a simple, compelling fact

… a revelation

… and a solution

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

Real life exampleTrip 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

Air Taxi Market Enablers

Purpose-built aircraft availabilityPublic acceptanceDevelopment of critical mass

ProJet descriptionAir taxi market descriptionRevolutionizing the way we travel

The Ultimate Off-Road Vehicle

Summary

Avocet Aircraft

10 Bay StreetWestport, CT 06880

(203) 454-5656(203) 454-5858 fax

www.avocetaircraft.com