PLAN D LLCIC-TON41-hT-D . c/u Duren IC In tyke Moen I: IndyIce PI I rS7S Ininnoo Avenue 4" Fl New York. New York 1002N To: Picton II Ltd. Wye( Clarendon House Church Street Hamilton HM QX. Bermuda Attention: Alireza ITTIHADIEHI Email: 4 Facsimile: +-}-} Dated: January 29, 2015 H Dear Sir: Boeing Business Jet aircraft msn 29273 registration VP-BBJ Letter of Offer — Sale We refer to our discussions in relation to the above Aircraft. PLAN D, LLC, on behalf of itself and its affiliates and/or nominee (the "Buyer'), hereby offers to purchase the above aircraft, as more particularly defined in the Terms below, (the "Aircraft') from PICTON II LTD. (the "Seller") for the Purchase Price, as defined in the Terms below, of US$236,000,000 and otherwise on the terms of this letter of offer as set out below ("Offer"). This Offer remains open for acceptance by you on behalf of the Seller until 1800 hours London time on February 2, 2015 (the "Expiry Time") when, without its extension by us, it will expire, and is subject to: (A) a Visual Inspection of the Aircraft by the Buyer, as further provided below, and the Aircraft being found on such inspection to be satisfactory to the Buyer, in the Buyer's absolute discretion; and (B) the entering into of a definitive Aircraft Sale and Purchase Agreement in respect of the sale of the Aircraft by the Seller and its purchase by the Buyer in form and substance satisfactory to the Seller and the Buyer (the "Sale Agreement") by February 23, 2015 (the "Documentation Deadline"). The purchase of the Aircraft by the Buyer from the Seller and the sale of the Aircraft by the Seller to the Buyer are referred to in this Offer as the "Transaction". ACCEPTANCE AND INITIAL DEPOSIT If you find this Offer satisfactory, please evidence your acceptance of it on behalf of the Seller by signing and returning to the undersigned a duplicate of this letter in original, facsimile or pdf signed form by the Expiry Time. Within two