HYPERION AIR, INC. 103 FOULK ROAD, SUITE 202 WILMINGSTON, DE 19803 LETTER OF INTENT February 5, 2012 Mr. Mick Bailey Bovale Developments, Inc. 2711 Centerville Road, Suite 400 Wilmington, DE 19808 USA Re: Bell 430 Helicopter, Manufacturer's Serial No. 49078 U.S. Registration No. N90IRL Ladies and Gentlemen: Hyperion Air, Inc. ("Purchase?) hereby expresses its intent to purchase from Bovale Developments, Inc. ("Seller") that certain Bell 430 helicopter bearing Manufacturer's Serial No. 49078 and U.S. Registration No. N90IRL, together with its equipped engines and all avionics, equipment, systems, furnishings and accessories installed on, contained in or attached to said helicopter and engines, and also including all loose equipment that is normally or currently part of the helicopter and all aircraft records and documents associated with the helicopter, all as is to be more particularly described in the definitive written Aircraft Purchase Agreement described below (collectively, the "Aircraft"), subject to the following terms and conditions: I. The total purchase price for the Aircraft shall be the sum of One Million Six Hundred Thousand U.S. Dollars (US$1,600,000.00), payable as follows: (a) Within five (5) business days after Seller's acceptance of this Letter of Intent ("LOI"), Purchaser shall wire transfer a fully refundable One Hundred Thousand U.S. Dollar (US$100,000.00) deposit (the "Deposit") to Insured Aircraft Title Service, Inc., Oklahoma City, Oklahoma, Attn: Joan Roberts, Vice President (the "Escrow Agent"), which Deposit shall be held in escrow and disbursed in accordance with the terms and conditions set forth in the definitive written Aircraft Purchase Agreement described below (the "Purchase Agreement"); and (b) The balance of the purchase price for the Aircraft in the amount of One Million Five Hundred Thousand U.S. Dollars (US$1,500,000.00) shall be paid at the closing provided for in the Purchase Agreement, said