Question: Network Expansion with New Aircraft Expected Start Phase II Phase III PV of Phase I Revenues Costs Net Probability Value Success 170 42 128 18.0%

Network Expansion with New Aircraft Expected Start Phase II Phase III PV of Phase I Revenues Costs Net Probability Value Success 170 42 128 18.0% 23.0 75% 12 Utah 32% 9 Failure 34 (34) 6.0% (2.0) 25% 4 Success 154 54 100 12.2% 12.2 65% 23 Colorado 25% 10 Failure 37 (37) 6.6% (2.4) 35% 6 Success 75% 13 Success 121 54 67 7.4% 5.0 55% 19 Arizona 18% 14 Start Failure 40 (40) 6.1% (2.4) 45% 5 Failure 26 (26) 18.8% (4.9) 25% Failure 15 (15) 25.0% (3.8) 25% Total 100.0% 24.7
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