Avioneta Holdings, LLC Proforma Tax Treatment Statement of Income and Expense Year Ended December 31, 2012 Ordinary Income:Expense Income Aircraft Revenue (with 5O% bonus depreciation) Dec 31.12 (with regular 7 yr depreciation - w/o bonus Dec 31.12 Business Use Revenue 2.210.100.00 2.210.10000 Private Use Revenue 6.801.480.92 6,801.480.92 Total Revenue 9.011.580.92 9.011.58092 Total income 9.011.580.92 9,011,580.92 Expense Depreciation Expense 14.914.845.00 3.729.000.00 Excise Tax _ accrued 678868.57 675,868.57 Fees Communications Fees 44.00 44.00 Enrollment Fees 138319.00 136319.00 Landing Fees 85.00 85.00 Total Fees 138448.00 136,448.00 Insurance Expense 44.190.00 44.190.00 Interest Expense Aircraft Financing 610.511.51 610811.51 Total Interest Expense 610.511.51 610.511.51 Management Fees - Jet Aviation Business Use 2.210.100.00 2,210,100.00 Personal Use 2.114.516.66 2,114,516.66 Total Management Fees 4.324.616.66 4,324,616.66 Postage 8 Shipping 163.81 163.81 Professional Fees Legal Fees 306.659.82 306,659.82 Trustee Fees 11.095.00 11,095.00 Total Professional Fees 317,754.82 317.754.82 Total Expense 21.024.398.37 9,838.553.37 Net Ordinary income -12.012.817.45 .826972.45 Net Loss -12.012.817.45 -826.972.45 Note - The operation of the aircraft is considered a passive activity. Therefore. the loss is only deductible to the extent of passive income which does not Include portfolio income such as cap gains. div and Int. Page 1 of 1 EFTA01141879