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INCOME STATEMENT (MODIFIED)

For the Year ending October 31, 2003

Revenues earned from fiscal year 2003

Mileage charges earned 149,811 396,416 276,470

Fuel charges earned 53,504 165,376 122,573Landing charges recovered 20,570 33,170 26,288

Overnight charges recovered 6,263 18,766 9,393

Total Revenue earned per plane 230,148 613,728 434,724 1,278,600

Operating Expenses

Fuel Expenses 40,479 130,570 121,259 292,308

Maintenance: Parts 27,166 71,990 36,674 135,830

Flight Insurance 8,025 13,132 13,160 34,317

Aircraft Landing Fees 20,570 33,170 26,288 80,028

Overnight charges paid 6,542 18,704 9,342 34,588

Wages - Maintenance Crew 19,420 51,463 26,217 97,100

Wages - Pilots 62,816 86,372 47,112 196,300

Depreciation 28,563 79,981 - 108,544

Leased Aircraft - - 141,205 141,205

Total Operating Expenses 213,581 485,382 421,257 1,120,220

Selling and Service Expenses 9,378 25,008 17,714 52,100

General and Administrative 29,497 67,038 37,541 134,076

Interest 11,193 15,990 4,797 31,980

Net Profit/Loss (33,501) 20,310 (46,585) (59,776)

Total

Values in USD

PN5 PC37 J50

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Allocated on cost of plane maintenance parts basis

Allocated on Equivalent Hours flown basis

Depreciation from the Balance Sheet

Allocated on revenue earned per plane basis

Allocated on kilometres flown basis

35% to PN5, 50% to PC37 and 15% to J50

Comments

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INCOME STATEMENT (MODIFIED)

For the Year ending October 31, 2003

Revenues earned from fiscal year 2003

Mileage charges earned 149,811 396,416 276,470

Fuel charges earned 53,504 165,376 122,573Landing charges recovered 20,570 33,170 26,288

Overnight charges recovered 6,263 18,766 9,393

Total Revenue earned per plane 230,148 613,728 434,724 1,278,600

Operating Expenses

Fuel Expenses 40,479 130,570 121,259

Maintenance: Parts 27,166 71,990 36,674 135,830

Flight Insurance 8,025 13,132 13,160

Aircraft Landing Fees 20,570 33,170 26,288

Overnight charges paid 6,542 18,704 9,342

Wages - Maintenance Crew 32,639 44,878 19,583 97,100

Wages - Pilots 62,816 86,372 47,112

Depreciation 28,563 79,981 -

Leased Aircraft - - 141,205

Total Operating Expenses 226,800 478,797 414,623 1,120,220

Selling and Service Expenses 9,378 25,008 17,714 52,100

General and Administrative 44,692 44,692 44,692 134,076

Interest 11,193 15,990 4,797 31,980

Net Profit/Loss (61,915) 49,241 (47,102) (59,776)

PN5 PC37 J50

Values in USD

Total

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Allocated on Hours Flown basis

Allocated on Equivalent Hours flown basis

Depreciation from the Balance Sheet

Allocated on revenue earned per plane basis

Allocated equally to the 3 planes

35% to PN5, 50% to PC37 and 15% to J50

Comments

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Exhibit 2

INCOME STATEMENT

For the Year ending October 31, 2003 Values in USD

Revenues from flying

Mileage Revenue 822,697Fuel Charged to Customers 341,453

Landing and overnight charges to customers 114,450

Total Revenue 1,278,600

Operating Expenses

Aircraft Fuel 292,308

Airport landing fees and overnight charges 114,616

Depreciation - Aircraft 108,544

Flight Insurance 34,317

Leased Aircraft 141,205

Maintenance - Parts 135,830

Wages - Maintenance Crew 97,100

Wages - Pilots 196,300

Total Operating Expenses 1,120,220

Selling and Service Expenses 52,100

General and Administrative 134,076

Interest 31,980

Net Loss (59,776)

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Exhibit 3

Revenues earned from fiscal year 2003

Mileage charges earned 149,811 396,416 276,470Fuel charges earned 53,504 165,376 122,573

Landing charges recovered 20,570 33,170 26,288

Overnight charges recovered 6,263 18,766 9,393

Total Revenue earned per plane 230,148 613,728 434,724

Aircraft Statistics, Fiscal 2003: Total

Kilometres Flown 107,008 243,200 136,192 486,400

Landings Made 242 310 124 676

Hours Flown 400 550 240 1,190

25% Premium Added for the jet - - 60

Equivalent Hours Flown 400 550 300 1,250

Price Rates, Fiscal 2003:

Mileage charged per km to customers 1 2 2

Fuel charged per km to customers 1 1 1

Expenses

Fuel Expenses 40,479 130,570 121,259

Maintenance: Parts 27,166 71,990 36,374

Flight Insurance 8,025 13,132 13,160Airport Landing fees incurred 20,570 33,170 26,288

Overnight Charges Paid 6,542 18,704 9,342

Values in USD

AIRCRAFT DATA FROM FISCAL 2003PN5 PC37 J50