Mike Michael Nelson Senior Associate CI de & Co Direct Dial drnage001..png> PO Box 7001 I Rolex Tower I Sheikh Za ed Road I Dubai, UAE Main <irnage004.png> Follow us on twitter @AviationClydeCo Airline Economics Law Firm of the Year (2016) Global Aviation Law Firm of the Year (2005 - 2015) Best Aviation Finance Advisory - Emerging Markets (2015) From: Nelson, Michael [S] Sent: 22 September 2016 19: To: Darren Indyke Cc: Claire Brugirard; Ashok Kumar; Husham Osman; Larry Subject: RE: 663 SN 30884 [CC-MERO.FID1500434] Dear Darren, Iwww.clydeco.com Good to speak to you earlier and thank you for your time on the call. As requested, please see the following summary of the points we discussed: 1. Section 2(a)(v): The square brackets can be deleted. The aircraft will comply with ADs issued by the GCAA and the FAA. 2. Section 2(a)(vi): Royal Jet can provide the Certificate of Airworthiness from the GCAA and the latest Airworthiness Review Certificate ("ARC"), which is a revalidation of the Certificate of Airworthiness. The ARC is issued annually and is a certification of the airworthiness of the aircraft issued by Royal Jet and approved and stamped by the GCAA. The latest ARC will also include the latest Certificate of Release to Service ("CRS") and, further, a CRS should be issued following the Cl inspection as part of the Pre-Purchase Inspection. Please note that the CRS is not issued directly by the GCAA, but is issued under GCAA approval. EFTA00815292

3. Section 2(a)(vii): The square brackets can be deleted. The Export Certificate of Airworthiness will be in a form acceptable to the FAA as determined by the DAR. 4. Section 2(a)(viii): In relation to damage history, we discussed that Husham would circulate the relevant documentation in relation to the damage history of the aircraft in order that this may be distributed to the Purchaser's advisors. 5. Section 3: We discussed that the aircraft may only be inspected by a facility that is approved by the GCAA. We understand that Stambaugh Aviation is not. It is Royal Jet's preference for the aircraft to be inspected in the UAE at an inspection facility that is approved by the GCAA with an FAA DAR present (I understand there are a number based in the region). We agreed that Husham would circulate a list of proposed inspection facilities for consideration by the Purchaser. Further, if the parties are able to agree an inspection facility where we may inspect and close as sales tax will not be applicable (such as the UAE), then that would be preferable to avoid the difficulty of 're-inspection' following a relocation flight to a tax efficient location. Closing in the UAE would also stream-line the process for obtaining the Export Certificate of Airworthiness from the GCAA. 6. Section 3(a): If the aircraft is to be relocated, Royal Jet will look at the costs that it would expect to incur once that location is decided on with a view to agreeing an adequate cap. Kind regards, Mike Michael Nelson Senior Associate I C Direct Dial: <image001.png≥ e & Co PO Box 7001 I Rolex Tower I Sheikh Za ed Road I Dubai. UAE Main <image004.png> Follow us on Sitter @AviationClydeCo Airline Economics Law Firm of the Year (2016) Global Aviation Law Firm of the Year (2005 - 2015) Best Aviation Finance Advisory - Emerging Markets (2015) From: Nelson, Michael Sent: 22 September 2016 16:46 To: 'Darren Indyke' Cc: Claire Brugirard; Ashok Kumar; Husham Osman Subject: RE: 663 SN 30884 [CC-MERO.FID1500434] Iwww.clydeco.com EFTA00815293

Dear Darren, Apologies, can we please push this call back to 9.30am New York time / 5.30pm Abu Dhabi time? Kind regards, Mike Michael Nelson Senior Associate C de & Co Direct Dial: <image001.png> PO B d I Dubai, UAE Main vflAy.clydetty.com <image004.png> Follow us on twitter @AviationClydeCo Airline Economics Law Firm of the Year (2016) Global Aviation Law Firm of the Year (2005 - 2015) Best Aviation Finance Advisory - Emerging Markets (2015) From: Nelson, Michael [mailto Sent: 22 September 2016 12: To: Claire 6rugirard; Ashok Kumar; liusham Osman; Darren Indyke Subject: RE: 663 SN 30884 [CC-MERO.FID1500434] Dear All, Further to the emails below, I have sent you meeting requests for today's call at 9.00am New York time / 5.00pm Abu Dhabi time. For ease of reference, the conference call details are as follows: Dial-in (UAE): Dial-in (USA): EFTA00815294

Meeting ID: 3322 Meeting password: 8844 Kind regards, Mike Michael Nelson Seior Asso Direct cimage0O1.png> PO ox 7001 I Rolex Tower I Sheikh Zaved R ad I Dubai. UAE Mai Iwww.clydoco.com <image004.png> Follow us on Sitter @AviationClydeCo Airline Economics Law Firm of the Year (2016) Global Aviation Law Firm of the Year (2005 - 2015) Best Aviation Finance Advisory - Emerging Markets (2015) From: Darren Indyke < Sent: Wednesday, September 21, 2016 22:36 To: Claire Brugirard Subject: Re: 663 SN 30884 [CC-MERO.FID1S00434] 9am NY time would be fine. Thanks. Sent from my iPhone On Sep 21, 2016, at 2:34 PM, Claire Brugirard < wrote: Hi Darren Either 8am or 9am your time? (i.e. New York timing) Let me know what suits you best EFTA00815295

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