Business Type: Expansion County: Clark County Development Authority Representative: Morgan Bunker - LVGEA

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1 Board Summary Steelman Aviation, Inc W Desert Inn Rd, Las Vegas, NV Date: November 19, 2015 Main Location: Carson City, NV Rick Williams, Director of Operations Aviation Business Type: Expansion County: Clark County Development Authority Representative: Morgan Bunker - LVGEA APPLICATION HIGHLIGHTS - Steelman Aviation, Inc. is applying for the 20-year Personal Property Tax abatements for equipment and aircraft. - Meets the Tier I statutory requirement for job creation, and the Tier II requirement for average wage. - Existing 3 employees at an average hourly wage of $36.87 prior to expansion plans. - Estimated $200,000 capital investment over the 20-year period (not required, for economic modeling only) PROFILE Steelman Aviation is based out of Las Vegas, Nevada, and is an FAA approved On Demand Air Carrier. With over 50 years of combined flying experience and 20,000 safe flight hours. Steelman Aviation will fly almost anywhere or pick up from almost anywhere. Steelman Aviation's PC-24 is the only aircraft combining the versatility of a turboprop with the cabin size of a medium-light jet, and the performance of a light jet. Source: SIGNIFICANCE OF ABATEMENTS IN THE COMPANY'S DECISION TO RELOCATE/EXPAND The aviation tax abatement is a significate factor in Steelman Aviation, Inc. s future business plans. The company does most of their business in the southern Nevada and southern California region. Their goal is to double in size over the next two to three years and continue their expansion within Southern Nevada and the Continental United States. Source: Steelman Aviation, Inc. REQUIREMENTS (TIER I) Statutory Application Sufficient % Over / Under Job Creation (12 months) 3 4 Yes 33% REQUIREMENTS (TIER II) Statutory Application Sufficient % Over / Under Average Wage $20.89 $21.64 Yes 4% INVESTMENTS (NOT REQUIRED) Description Application Equipment 20 yr (est) $200,000 Aviation Parts 20 yr (est) $0 Aircraft 20 yr (est) $17,100,000 INCENTIVES Requested Terms Estimated $ Amount Pers. Prop. Tax Abmt. (Eqp & Craft) 50% for 20 yrs. $677,978 Total $677,978 JOB CREATION Contracted 12-Month Projection 5-Year Projection 10-Year Projection OTHER CAPITAL INVESTMENT Land Building Purchase BTS / Bldg Imprv. (20 Yr) $0 $2,000,000 $0 ECONOMIC IMPACT ESTIMATES (20-Year Cumulative) Total Total Jobs Supported 11 Total Payroll Supported $8,829,051 Total Output Estimate $40,104,160 Estimate includes jobs, payroll & output by the company assisted as well as the secondary impacts to other local businesses. NEW TAX REVENUE ESTIMATES (20-Year Cumulative) Direct Indirect Total Local Taxes Property $832,956 $257,973 $1,090,929 Sales $0 $163,981 $163,981 Lodging $0 $4,920 $4,920 State Taxes Property $49,060 $15,473 $64,533 Sales $346,000 $54,739 $400,739 Modified Business $15,515 $45,910 $61,425 Commerce NA NA NA Lodging $0 $1,231 $1,231 Total $1,243,531 $544,227 $1,787,758 COST-BENEFIT ASSESSMENT Economic Impact per Abated Dollar New Total Tax per Abated Dollar $59 $2.64 EMPLOYEE BENEFITS - Percentage of health insurance covered by company: 77%. - Health care package cost per employee - $6,250 annually with options for dependents. - PTO/Sick/Vacation, Retirement Plan, Merit Increases. NOTES - The company average hourly wage exceeds the statewide average hourly wage of $20.89.

4 Aviation Tax Abatement Incentive Application Company Name: Steelman Aviation Date of Application: October 19, 2015 Company is an / a: (check one) New location in Nevada Expansion of a Nevada company Section 1 - Type of Incentives Please check all that the company is applying for on this application: Aviation Sales & Use Tax Abatement: abated to 2% up to 20 years (aircraft excluded) Aviation Personal Property Tax Abatement (Equip): 50% for 20 years Aviation Personal Property Tax Abatement (Aircraft): 50% for 20 years Section 2 - Corporate Information COMPANY NAME (Legal name under which business will be transacted in Nevada) Steelman Aviation CORPORATE ADDRESS 3330 W Desert Inn Rd MAILING ADDRESS TO RECEIVE DOCUMENTS (If different from above) CITY / TOWN Las Vegas Other: FEDERAL TAX ID # STATE / PROVINCE ZIP NV CITY / TOWN STATE / PROVINCE ZIP TELEPHONE NUMBER COMPANY CONTACT NAME Rick Williams ADDRESS rick.williams@steelmanaviation.com WEBSITE COMPANY CONTACT TITLE Director of Operations PREFERRED PHONE NUMBER Has your company ever applied and been approved for incentives available by the Governor's Office of Economic Development? If Yes, list the program awarded, date of approval, and status of the accounts (attach separate sheet if necessary): Yes No Section 3 - Job Creation Requirement Please check the applicable category the company intends to qualify under with this application: New business: Create 5 or more full-time employees within 1 year after approval Existing business: Increase the number of full-time employees by 3% or 3, whichever is greater, within 1 year after approval Section 4 - Program Elective Requirement Please check one of the boxes below; the company must meet at least one elective requirement: New capital investment of at least $250,000 in Nevada within 1 year after receiving certificate of eligibility Maintain and possess in Nevada tangible personal property having a value of not less than $5,000,000 during the abatement period Average hourly wage for employees of the business shall be at or above the average statewide hourly wage The business develops, refines or owns a patent or other intellectual property, or has been issued a FAA certificate (14 CFR Part 21) Section 5 - Program Restrictions Section 6 - Nevada Facility Type of Facility (Check all that apply): NEVADA REGISTERED COMMON CARRIAGE OPERATIONS DO NOT QUALIFY FOR THIS TAX ABATEMENT UNLESS THE BUSINESS IS REGULATED UNDER 14 C.F.R. PART 125 or 135 Headquarters Aviation Maintenance Air Tour Operators Business with Private Aircraft Aircraft Manufacturing (Non-UAS) Unmanned Aerial System Testing Unmanned Aerial System Manufacturing Other: EXPECTED DATE OF NEW OPERATION (MONTH/YEAR) EXPECTED DATE OF EXPANDED OPERATION (MONTH / YEAR) NAICS CODE / SIC INDUSTRY TYPE Aviation DESCRIPTION OF COMPANY'S NEVADA OPERATIONS Steelman Aviation offers private aviation transportation worldwide in the SAFEST, Most Advanced, Comfortable and Efficient Aircraft PROPOSED / ACTUAL NEVADA FACILITY ADDRESS CITY / TOWN COUNTY ZIP 3330 W. Desert Inn Rd. Las Vegas Clark County WHAT OTHER STATES / REGIONS / CITIES ARE BEING CONSIDERED FOR YOUR COMPANY'S RELOCATION / EXPANSION / STARTUP? N/A 1

5 Section 7 - Complete Forms (see additional tabs at the bottom of this sheet for each form listed below ) Check the applicable box when form has been completed. 7 (A) Real Estate and Construction 7 (E) Employment Schedule 7 (B) Capital Equipment List 7 (F) 7 (C) 7 (D) Aviation Parts List Aircraft Procurement List Section 8 - Employment (Fill in either New Operations/Startup or Expansion, not both ) OTHER COMPENSATION (Check all that apply): Overtime PTO / Sick / Vacation New Operations / Start Up How many full-time equivalent (FTE*) employees will be created by the end of the first fourth quarter of new operations?: Average hourly wage of these new employees: Evaluation of Health Plan Expansions How many full-time equivalent (FTE*) employees will be created by the end of the first fourth quarter of expanded operations?: 4 Average hourly wage of these new employees: $21.64 How many FTE employees prior to expansion?: Average hourly wage of these existing employees: Total number of employees after expansion: * FTE means a person who is in a permanent position of employment, works and average of 30 hours per week, and is eligible for company-sponsored health benefits. Merit Increase Tuition assistance Bonus COLA adjustments Retirement Plan / Profit Sharing / 401(k) Other: 3 $ BRIEF DESCRIPTION OF ADDITIONAL COMPENSATION PROGRAMS AND ELIGIBILITY REQUIREMENTS (Attach a separate sheet if necessary): Section 9 - Employee Health Insurance Benefit Program Is health insurance for employees and an option for dependents offered?: Yes (copy of benefit plan must be attached) Package includes (check all that apply): Medical Vision Dental Other: Qualified after (check one): Upon employment Three months after hire date Six months after hire date Other: Health Insurance Costs: Percentage of health insurance coverage by: Cost of health insurance for company (annual amount per employee): $36,542 Company: 77% Health Plan annual out-of-pocket maximum (individual): $ 6, Employee: 23% No [SIGNATURE PAGE FOLLOWS] 2

7 7(B) Capital Equipment List Company Name: Steelman Aviation County: Clark County Section 1 - Year One Detailed Projection: Capital Equipment List Directions: please provide a detailed estimate of the company's year one capital investment [columns (b) through (d)]. This detailed estimate will be provided to the Department of Taxation to advise applicants on tangible property eligible for abatement under the aviation law (A.B. 161 (78th (2015) Session), and will also be used if the company selects "new capital investment" as one of the four optional abatement requirements. The actual new capital investment will replace this estimate, and therefore this estimate is for discussion purposes only, and the company will only be required to achieve the statutory investment level if this option is again selected. Attach this form to the Incentives Application. (a) Equipment Name/Description Ground Power Unit Required tooling for aircraft inspectors (b) (c) (d) # of Units Price per Unit Total Cost 1 $35, $35, $65, $65, Total $100, Section 2 - Year Two through Twenty Capital Equipment Estimated Projections Directions: These estimates are used for state economic impact and net tax revenue analysis that this agency is required to report. The company will not be required to reach these estimated levels of capital investment. (a) Estimated Dollar Amount of Capital Equipment Purchases Year-2 $100, Year-12 Year-3 Year-13 Year-4 Year-14 Year-5 Year-15 Year-6 Year-16 Year-7 Year-17 Year-8 Year-18 Year-9 Year-19 Year-10 Year-20 Year-11 Total (b) Estimated Dollar Amount of Capital Equipment Purchases $100, Total Year 1-20 $200, Is any of this equipment to be acquired under an operating lease? Certain types of leases do not qualify as capital investments pursuant to state regulation. Yes No 9

8 7(E) Employment Schedule Company Name: Steelman Aviation County: Clark County Section 1 - Full-Time Equivalent (FTE) Employees Directions: Please complete [columns (a) through (f)] in Section 1 with information on all full time employees that will be hired and employed by the company within 1 year after the effective date of new/expanded operations. Attach this form to the Incentives Application. Full-time equivalent means a person who is in a permanent position of employment, works and average of 30 hours per week, and qualifies for an employer sponsored health insurance plan. These are estimates. Audits of job creation and wage will be based on actual quarterly filings made to the state. (a) New Hire Position Title/Description Maintenance Personal Pilots in Command (b) ( c ) (d) (e) (f) Number of Average Hourly Average Weekly Annual Wage per Positions Wage Hours Position Total Annual Wages 2 $ $40, $80, $ $50, $100, TOTAL $21.64 $180, Section 2 - Employment Projections Directions: Please estimate full-time job growth in Section 2, complete [columns (b) through (c)]. These estimates are used for state economic impact and net tax revenue analysis that this agency is required to report. The company will not be required to reach these estimated levels of employment. (a) Year 2-Year 3-Year 4-Year 5-Year 6-Year 7-Year 8-Year 9-Year 10-Year 11-Year 12-Year 13-Year 14-Year 15-Year 16-Year 17-Year 18-Year 19-Year 20-Year (b) Number of FTE(s) Projected (c) Average Hourly Wage (d) Payroll 10

9 7(A) Real Estate & Construction Company Name: Steelman Aviation County: Clark County Section 1 - Real Estate & Constructions Projections Directions: please provide a 20 year projection of the real estate costs for current year (year-1) and future land and building procurement, as well as, current and future annual lease amounts and possible construction costs due to building improvements. Complete [columns (a) and (f)]. These estimates are used for state economic impact and net tax revenue analysis that this agency is required to report. The company will not be required to reach these estimated levels of real estate costs. Attach this form to the Incentives Application. (a) (b) (c) (d) (e) (f) Year Land Cost Construction Building Annual Lease Cost Purchase Amount Building SqFt Year-1 $23, Year-2 $64, Year-3 $64, Year-4 $64, Year-5 500k Year-6 Year-7 Year-8 Year-9 Year k Year-11 Year-12 Year-13 Year-14 Year million Year-16 Year-17 Year-18 Year-19 Year-20 6

10 7(D) Aircraft Procurement List Company Name: Steelman Aviation County: Clark County Section 1 - Future Aircraft Procurement List Directions: please provide a 20 year projection of the aircraft the company anticipates purchasing, complete [columns (a) through (d)]. If there is a year where the company does not plan to purchase an aircraft, please list not applicable. These estimates are used for state economic impact and net tax revenue analysis that this agency is required to report. The company will not be required to reach these estimated levels of aircraft procurement. Attach this form to the Incentives Application. Note: If the company does not anticipate purchasing aircraft, please leave this page blank. (a) (b) ( c) (d) (e) Year Aircraft Name/Description # of Aircraft Price per Aircraft Total Cost Year-1 Pilatus PC-12 2 $1,900, $3,800, Year-2 Pilatus PC-24 1 $8,700, $8,700, Year-3 Pilatus PC-12 2 $2,300, $4,600, Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12 Year-13 Year-14 Year-15 Year-16 Year-17 Year-18 Year-19 Year-20 Total $17,100, Section 2 - Existing Aircraft List Directions: Please provide the current market value of all existing aircraft the company currently owns. If additional space is needed, attach a separate list to the application. (a) Aircraft/Description Pilatus PC-12 (b) (c) (d) # of Aircraft Current Market Value Total Cost million $3,700,

11 Site Selection Factors Company Name: Steelman Aviation County: Clark County Section 1 - Site Selection Ratings Directions: Please rate the select factors by importance to the company's business (1 = very low; 5 = very high). Attach this form to the Incentives Application. Availability of qualified workforce: 3 Transportation infrastructure: 3 Labor costs: 3 Transportation costs: 3 Real estate availability: 3 State and local tax structure: 4 Real estate costs: 3 State and local incentives: 4 Utility infrastructure: 3 Business permitting & regulatory structure: 4 Utility costs: 2 Access to higher education resources: 3 OTHER FACTORS & RATINGS: 5

Business Type: Expansion County: Clark County Development Authority Representative: Morgan Bunker - LVGEA. $5 MM $5 MM Yes NA Period

Business Type: Expansion County: Clark County Development Authority Representative: Morgan Bunker - LVGEA. $5 MM $5 MM Yes NA Period Board Summary Maverick Aviation Group 1620 Jet Stream Drive, Henderson, NV 89052 Date: November 19, 2015 Main Location: Carson City, NV Jessica Zoanni, Controller Aircraft Sightseeing Tours (Part 135)