EFTA01735482.pdf

REVISED MAY 12, 2014 STRUCTURE CHART - N624N Aircraft Owner of Rance Acquisitions, LLC (Delaware) Record John J. Hannan, President Y Sale Member ofOwner Wells Fargo Bank Northwest, N.A. Owner Trustee ofthe N624N Trust V Beneficial Owner of Aircraft Avioneta Holdings LLC (Delaware) John J. Hannan, President Beneficiary ofthe N624N Trust Members ofAvioneta Holdings LLC Leon Black Debra Black (50.1%) (49.9%) 686218.0002 EAST 104785669 v3 EFTA_R1_00019334 EFTA01735482  REVISED MAY 12, 2014 Background • Rance Acquisitions, LLC ("Rance") was originally owned by a 1031 exchange counterparty. Ownership ofthe aircraft would have been transferredfrom Rance to the owner trustee on behalfof Avioneta Holdings LLC ("Avioneta"), but doing so would have grounded the aircraft during a time when the members were using the aircraft. o Instead, there was a series oftransfers ofthe membership interests ofRance that resulted in the current ownership structure. • The Aircraft Management Agreement with Jet Aviation Flight Services ("JAFS') executed in August 2011 listed Avioneta Holdings as the Part 91 operator ofthe Aircraft, which was contrary the Part 91 regulations (which prohibits an entityfrom operating an aircraft for the benefit ofothers except under Part 135). Transaction Documents — August 31, 2013 • Aircraft Operating Agreement between Rance and Leon D. Black ("LDB"), granting LDB a non- exclusive lease ofthe aircraftfor Part 91 operations. • Amended and RestatedAircraft Management Agreement among JAFS, Rance and LDB, substituting LDBfor Avioneta Holdings as operatorfor Part 91 operations. • Non-Exclusive Aircraft Dry Lease Agreement between Rance and JAFS, establishing JAFS as the "Air Carrier"for Part 135 operations. • Consent to each oftheforegoing by Banc ofAmerica Leasing & Capital, LLC as lender. EFTA_R1_00019335 EFTA01735483