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Use of Proceeds Our net proceeds from the sale of common stock in this offering at the initial public offering price of $18.00 per share will be $82.3 million, or $94.9 million if the underwriters exercise their overallotment option in full, after deducting the underwriting discounts and commissions and offering expenses payable by us. We intend to use $0.9 million of the net proceeds to retire secured debt to our chief executive officer, which bears interest at 8% per annum and would otherwise be due not later than April 30, 2007. The balance of the net proceeds from this offering will be used to purchase additional aircraft consistent with our growth strategy and acquisition criteria, and to fund working capital and general corporate purposes. Although we have no present commitments for the purchase of aircraft, we continue to seek to purchase suitable aircraft at reasonable prices to expand our business. We intend to apply proceeds of this offering to the purchase of aircraft as we identify aircraft for purchase in the future and to the extent we choose not to finance the purchase price. Pending the use of such net proceeds, we intend to invest these funds in investment-grade, short-term interest bearing securities.