EFTA01121884.pdf

REVISED MAY 12, 2014 STRUCTURE CHART - N624N Aircraft (N624N) Aircraft Owner of Rance Acquisitions, LLC (Delaware) Record John J. Hannan, President V Sole Member ofOwner Wells Fargo Bank Northwest, . Owner Trustee of the N624N Must Beneficial Owner of I Aircraft Avioneta Holdings LLC (Delaware) John J. Hannan, President Beneficiary of the N624N Trust Members ofAvioneta holdings Leon Black Debra Black (50.1%) (49.9%) 686218.0002 EAST 104785669 v3 EFTA01121884  REVISED MAY 12, 2014 Background • Rance Acquisitions, LLC ("Rance') was originally owned by a 1031 exchange counterparty. Ownership of the aircraft would have been transferredfrom Rance to the owner trustee on behalf of 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 of transfers of the membership interests of Rance 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 of the Aircraft, which was contrary the Part 91 regulations (which prohibits an entityfrom operating an aircraftfor 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 of the aircraft for Part 91 operations. • Amended and Restated Aircraft 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 JARS, establishing JAFS as the "Air Carrier"for Part 135 operations. • Consent to each of theforegoing by Banc ofAmerica Leasing & Capital, LLC as lender EFTA01121885