PICTON II LTD. nunIon Howe, Cloutch Sum. Itarreton tIM QX, Bctmu,h To: [Bari Attention: I I Email: I I Facsimile:II Dated: Dear Sirs Boeing Business Jet aircraft men 29273 registration VP-BB) Letter of Offer— Sale We refer to our discussions in relation to the above Aircraft. PICTON II Ltd., on behalf of itself and its affiliates and/or nominee (the "Seller"), hereby offers to sell the above aircraft, as more paniculady defined in the Terms below, (the "Aircraft') to [Buy* the "Buyer") for the Purchase Price, as defined in the Terms beknv, of UW5.4000,000 and otherwise on the term of this letter of offer as set out below ("Offer'). This Offer remains open for acceptance by you on behalf of the Buyer until 1800 hours London time on ITBD1 (the "Expiry Time') when, without its extension by us, it MB 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 [TED) (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 Buyer by signing and returning to the undersigned a duplicate of this letter in original, facsimile or pdf signed fonts by the Expiry Time. Within two (2) business days of the Buyer's acceptance of this Offer, the Buyer agrees to deposit with Insured Aircraft Title Service, Inc. of PO Box 19527, 6449 S. Denning St., Oklahoma City, Oklahoma 73179, the Un