DHC-6 Series 400

• Aircraft Price is in Sept 2006 US Dollars - $ 3,195,000

• A US based CPI Factor applied based on date of delivery.

a) Deposit Agreement &b) Aircraft Sale Agreement

• Applicable Contracts:

Commercial Terms OverviewCommercial Terms Overview(see Contracts for specific details)(see Contracts for specific details)

DHC-6 Series 400 - Commercial Terms

Step 1:

First Deposit $ 159,750 (5%).

In escrow and refundable, with interest, ifdecision is made NOT to proceed. A “Go No-Go” decision mustbe made by March 30th, 2007.(see Contracts for specific details)(see Contracts for specific details)

Payment Schedule:

Commercial Terms OverviewCommercial Terms Overview(see Contracts for specific details)(see Contracts for specific details)

DHC-6 Series 400 - Commercial Terms

Step 2:

Decision to proceed is made. Deposit contractholders advised of aircraft serial number andestimated delivery date.

Second Deposit of $ 159,750 (5%) required.(see Contracts for specific details)(see Contracts for specific details)

Payment Schedule:

Commercial Terms OverviewCommercial Terms Overview(see Contracts for specific details)(see Contracts for specific details)

DHC-6 Series 400 - Commercial Terms

Step 3:

Viking advises contract holders of firmdelivery date six (6) months ahead.

Aircraft Sale Agreement is completed that includesall optional equipment and CPI adjustments.

Additional 40% of purchase price and Optional Equipment required.(see Contracts for specific details)(see Contracts for specific details)

Payment Schedule:

DHC-6 Series 400 - Commercial Terms

Step 4:

Aircraft Delivered

Balance owing (Base Price and any Optional Equipment)due on Aircraft delivery.

(see Contracts for specific details)(see Contracts for specific details)

Payment Schedule:

DHC-6 Series 400 - Economic Factors

Competitive Summary

Landplane SpecsAcquisition Cost (new)

2006 US Dollars Configuration STOL Floats

BN2T Turbine Islander $1,700,000 7,000 lbs / Twin RR-2 Yes NoC208 Caravan 675 $1,712,750 8,000 lbs / Single PT No YesC208 Grand Caravan $1,819,025 8,785 lbs / Single No NoRaytheon King Air 90 Series $2,952,010 10,160 lbs / Twin PT6 No NoHarbin Y-12 Mk IV $3,150,000 12,490 lbs / Twin PT6 Yes NoDHC-6 400 Twin Otter $3,195,000 12,500 lbs / Twin PT6 Yes YesPZL M28 Skytruck $4,568,000 16,534 lbs / Twin PT6 No NoHAL/Do 228 $5,000,000 14,109 lbs / Twin TPE331 No NoRaytheon King Air 200 $5,088,610 12,500 lbs / Twin PT6 No NoRaytheon King Air 350 $5,970,580 15,100 lbs / Twin PT6 No No

Sources: Conklin & deDecker, Aircraft Blue Book, Cessna & Raytheon

DHC-6 Series 400 - Market Study Summary

• Study completed in February 2006.

• The goal of the study, conducted on behalf of Viking, was to determine potentialworldwide demand for the DHC-2 Beaver, DHC-2 Mk-III Turbo Beaver, DHC-3TTurbo Otter and the DHC-6 Twin Otter if production was re-started.

• A second part of the survey looked at potential demand for the DHC-4 Caribou,DHC-5 Buffalo and the DASH 7 Aircraft.

• Conklin representatives traveled to China and Indonesia as part of this project.

DHC-6 Series 400 - Annual Production Rate

2016201520142013201220112010200920082007

40

35

30

2520

15

105

24

18

12

Market Survey

DHC Avg Production

Sources:

• Aircraft Blue Book: Historical Reference 2006

• Viking: Conklin & deDecker DHC Heritage Market Study

• Aviation Safety Network: www.aviation-safety.net

• de Havilland in Canada - Fred W. Hotson

• XdH Website: www.xdh.com

DHC-6 Series 400 - Presentation Sources

Twin Otter Historical Delivery Rates

DHC-6 Series 400 - Background

Average 36 a/c per year

Aircraft List Pricing NEW in 1988 versus NEW in 2006 (18 years)

Type 1988 2006 % Increase

Cessna C-206 $ 155,620 $ 448,160 288%Caravan 675 $ 830,260 $ 1,712,750 206%King Air C-90 $ 1,645,000 $ 2,952,010 179%Bell 206-L3 $ 850,000 $ 1,438,000 169%

DHC-6 Twin Otter $ 1,900,000 $ 3,195,000 168 %

U.S. CPI (Inflation) $ 1,900,000 $ 3,258,750 172 %