Avioneta Holdings, LLC

Avioneta Holdings, LLC Proforma Tax Treatment Statement of Income and Expense Year Ended December 31, 2012 Ordinary IncomelExpense Income Revenue (with 50% bonus depreciation) Dec 31.12 (with regular 7yr depreciation - w/o bonus) Flight 2012 Avg Dec 31.12 Hours dom/int'l rate - Business Use Income (based on hours) 2.210.100.00 2.210.100.00 242.6 9,110 Private Use Income (based on hours) 1.254.447.00 1.254.447.00 137.7 9,110 Total Revenue 3.464.547.00 3.464.547.00 380.3 Total Income 3.464.547.00 3,464,547.00 Expense Depreciation Expense 4.9i 4.845.00 3,729,000.00 Excise Tax -accrued 165.757.50 165.757.50 (business flights) Fees Communications Fees 44.00 44.00 Enrollment Fees 136.319.00 136,319.00 Landing Fees 85.00 85.00 Total Fees 136.448.00 136,448.00 Insurance Expense 44.190.00 44,190.00 Interest Expense Aircraft Financing 610.511.51 610,511.51 Total Interest Expense 610.511.51 610,511.51 Management Fees Business Use 2.210.100.00 2,210,100.00 Personal Use 2.114.516.66 2.114.516.66 Total Management Fees 4.324.616.66 4,324,616.66 Postage 8 Shipping 163.81 163.81 Professional Fees Legal Fees 306.659.82 306,659.82 Trustee Fees 11.095.00 11.095.00 Total Professional Fees 317.754.82 317.754.82 Total Expense 20.514.287.30 9.328.442.30 Net Ordinary Income -17.049.740.30 -5.863.895.30 Net Loss -17.049.740.30 -L863.895.30 Net Loss -17,049,740.30 -5,863,895.30 Add back depreciation 14,914,845.00 3,729,000.00 Cash net loss -pan of capital contra. -2,134,895.30 -2,134,895.30 Page 1 of 1 EFTA01093210