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V.I.P.Very Important Passengers

Brief presentation

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Number of seats

10 20 8040 100 200+

Fare

$

$$

$$$

Not profitable

TraditionalCommercial

Flights and lowCost airlines

First classIn traditional

Commercial airlinesExecutivecharters

Still there is room in the skies

Tango will go in this phase for theVIP passengers market in a nichethat currently is not served neitherby traditional airlines nor by thesmall executive charters in theregion.

New 5 stars hotels and casinos in

the region have generated anincoming flow of VIP passengerscreating this demand for comfortand luxury for charters of 40 60pax.

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Clients have already confirmed interest

The 2 most important hotels/casinosin Punta del Este (the VIPdestination for casino players, plusthe rich people in the region) havealready confirmed their interest inthese charters.

Also, the Uruguayan Soccer

Association (AUF), Tenfield (TVgroup of Casals group, the main

soccer players manager), theUruguayan government for theirofficial representations andcommercial missions, haveconfirmed in advance their interest,too.

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Our birds for these skies

For this first initial operations Tangowill fly with 2 (two) Boeing 727airplanes, specially configured forthe VIP passengers its going to

serve.

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Making the math

Based on the numbers provided byMantra and Conrad hotels, plus theestimation from AUF (soccer teamsparticipating in internationaltournaments), here is a projection ofthe operations block hours (flight

and pre take-off and post landingoperations).

BLOCK HOURS :: DETAIL

Hours

round trip

Weekly

round trips

Monthly

round trips

Hours per

month

Conrad (1) Rio de Janeiro 6 1 4 24

Sao Paulo 5 2 8 40

Porto Alegre 3 2 8 24

Curitiba 3 1 4 12

Buenos Aires (2) 1,5 11 44 66

Mantra (3) Rio de Janeiro 6 1 4 24

Sao Paulo 5 1 4 20

Porto Alegre 3 1 4 12

Curitiba 3 1 4 12

Buenos Aires 1,5 14 6

Soccer teams (4) 6 0,25 1 6

Government delegations (5) TBD 0 0 0

0 0 0

22,25 89 246

BLOCK HOURS :: SUMMARY

Weekly

round trips

Monthly

round trips

Hours per

month

Conrad 17 68 166

Mantra 5 20 74Soccer teams 0,25 1 6

Government delegations 0 0 0

22,25 89 246

2 PLANES FLEET

2 PLANES FLEET

(1) Based on their programmed schedule

(2) 1 rt/day from Tuesday to Thursday, 2 rt/day from Friday to Monday

(3) Estimated

(4) 1 charter/week during 2 to 3 months = 12 trips/yr = 1 trip/month

(5) To be determined (TBD)

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Projections

Monthly

block hours

Monthly

block hours

246 80

1. COSTS Block hour Monthly Monthly %USD USD USD

Leasing 460 113.160 36.800 4,1%

Fuel 3.300 811.800 264.000 29,3%

Flight Crew 140 34.440 11.200 1,2%

Cabin Crew 110 27.060 8.800 1,0%

Navigation Fees 1.750 430.500 140.000 15,6%

Landing Fees 1.160 285.360 92.800 10,3%

Handling 1.500 369.000 120.000 13,3%

Insurance 100 24.600 8.000 0,9%

Catering 850 209.100 68.000 7,6%Parking 50 12.300 4.000 0,4%

Maintenance, provisions and spare parts

Materials 640 157.440 51.200 5,7%

Recurrent 70 17.220 5.600 0,6%

Admint. 100 24.600 8.000 0,9%

Subtotal 10.230 2.516.580 818.400

Administration & marketing 1.023 251.658 81.840 9,1%

TOTAL 11.253 2.768.238 900.240 100,0%

2. INCOME

Block hour sales 13.950 3.431.700 1.116.000

Gross profit 3.720 915.120 297.600 33,1%

The numbers, based on standardcosts for the 727 plane, and theprojected block hours show this is aprofitable business, even for a moreconservative estimation of blockhours of operation (1/3 of what hasbeen calculated).

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