Dash Air Shuttle A new to fill the regional gap Dash Overview

• Dash Air Shuttle (“Dash”) is a new airline founded to capitalize on both immediate and long-term structural opportunities in regional aviation

• Structural changes to industry have created a service void that can be profitably filled by a new business tailored for opportunity

• Dash’s co-founding team, as regional aviation experts, are uniquely positioned to capitalize on the structural opportunities that exist in the space today

• Service will launch in Q3 2021 in the Pacific Northwest – timed perfectly for demand recovery while still capitalizing on widespread resource availability

• Communities are willing to make significant financial commitments, which both mitigates risk of market launch and demonstrating service need

• Dash will be well positioned to capitalize on significant technological advances in aviation, such as aircraft electrification in the coming years

Proprietary Information 2 Introduction - who we are

Commercial team Clint Ostler Jamie Kogutek Ben Munson Co-founder, President Head of Commercial Company Advisor • One of the original co-founders of Embark Aviation. • 20+ years working in commercial leadership • Transportation entrepreneur, founder of multiple Successful consulting service with particular focus on positions at various , including America organizations including Embark Aviation and The regional aviation. Clint oversaw both revenue West, AirTran, and Landline Company management and market development divisions. • Co-founder of Embark Aviation with Clint and Ben. • Previous experience in senior leadership positions at • 15+ years working at Alaska Air Group. Tenure with Oversaw capacity planning and distribution function both major and regional airlines, including overseeing Alaska Air Group including various positions at both of the business restructure of airline as acting CEO and , including commercial oversight of the Horizon Air network • Branding, marketing strategy, and implementation expert

Operations team Noel McDermott David Schultz Director, Operations & Chief Pilot Director, Maintenance • 15+ years as a commercial pilot, including Director of • 30+ years of experience with multiple aircraft types. Operations at SeaPort, which employed over 100 pilots • Extensive leadership experience including Director in 4 bases from Juneau, Alaska to Memphis, of Maintenance and Quality Control Manager at Tennessee. several Part 135 operators, including VP of • Dedicated instructor and check pilot on the Pilatus PC- Maintenance at SeaPort Airlines and Mokulele 12NG for . As wells as Director of Airlines Operations with AirPac Airlines (feeder UPS cargo with 7 Caravans) and Backcountry Aviation (on demand charter with a Cessna 182 and T303). 3 Our Vision

Affordable platforms. Capitalize on low ownership cost aircraft and operate under regional Part 135 A dynamic airline authority

designed to restore affordable, Distribution. Direct, OTAs, and interline connectivity higher frequency service in Value based, high frequency. Value based pricing to support high frequency ‘shuttle’ schedules to a short haul markets across the variety of U.S. communities, starting with the Pacific Northwest Pacific Northwest Seamless Global access. Codeshare connectivity with the leading airlines in the regions we serve

Proprietary Information 4 Immediate opportunity – an airline built to serve Pac NW community needs

Connecting the Northwest Market Dynamics

• Short-haul markets in area under 100 miles – strong candidates for future electric platform

Paine Field • Markets are relatively difficult to 12 carrier destinations* reach by car due to geography, traffic, Port Angeles or infrastructure Moses Lake • Markets complementary to existing commercial air service

SeaTac Intl. Aberdeen/Hoquiam • Initial route (Port Angeles – ) 121 carrier destinations* Ellensburg supported by significant mitigation package including a local commitment of $133,000 and a Astoria Region Federal grant of $200,000 to guarantee revenues

*Unique destinations served in 2019

Proprietary Information 5 The Port Angeles to Seattle market is the ideal launch market

Port Angeles Segment PDEW • Market peaked at 61 daily passengers in 2003, estimated at 89 today. At $100 average fare, Dash needs 20 passengers to breakeven 2021: 89 61 @ 2% CAGR • Port Angeles – Seattle supported by significant mitigation package including a local commitment of $133,000 and a Federal grant of 40 $200,000 to guarantee revenues To SEA • Port Angeles is relatively remote and difficult to Operated by Horizon reach by car due to geography, traffic, and 25% Local To BFI 10 Operated by limited transit options 100% Local • Port Angeles – Seattle is less than 100 miles 2000 2002 2004 2006 2008 2010 2012 2014 making it an ideal candidate for electrification

Plus robust ferry traffic to the San Juan Islands: Over 500K (684 PDEW) passengers traveled between Anacortes and Friday Harbor, Anacortes and Orcas 363K (497 PDEW), and Anacortes and Lopez 158K (216 PDEW) in 2019*

*Source: 2019 State Ferries Traffic Statistics Rider Segment Report

Proprietary Information 6 demonstrates efficacy of this business plan

Cape Air – Connecting Small New England Communities

Bar Harbor Augusta (AUG) Cape Air is one of the largest independent regionals in North America. Their Boston focus city is reflective of the Rockland (RKD) Pacific Northwest Opportunity

Rutland Lebanon By the numbers... Annual Revenues $120 Million (estimate) Annual Passengers 500,000 Fleet size 88 Cessna 402s (order of 102 Tecnam 2012) Cities Served 33 Boston Logan Intl. Daily Flights 300 + peak season daily flights Provincetown (PVC) …with a robust distribution network and large airline

Hyannis (HYA) partners, Cape Air provides global connectivity to its small communities. Martha’s Nantucket (ACK) Vineyard (MVY)

Proprietary Information 7 A focus on value, frequency, and access

Proposed One Way Fares* Proposed Initial Schedule

Promotional Standard Flexible/Refundable Depart Arrive Depart Arrive Port Angeles Seattle/Tacoma Seattle/Tacoma Port Angeles $69 $79-149 $159 6:30 a.m. 7:00 a.m. 8:00 a.m. 8:30 a.m.

10:00 a.m. 10:30 a.m. 11:30 a.m. 12:00 noon

12:30 p.m. 1:00 p.m. 3:00 p.m. 3:30 p.m.

4:00 p.m. 4:30 p.m. 8:30 p.m. 9:00 p.m.

• Fares will be simple, and availability based on demand • Schedule designed for connections to Alaska and Delta on a flight-by-flight basis flight banks

• Promotional fare available during select times during • Convenient connections to roughly 150+ cities the year to help stimulate demand – will launch service with this price point

• Corporate or business entities will have access to a volume based fixed fare

*Tax inclusive, Subject to Change Proprietary Information 8 Operation Details

May 2021 June 2021 July 2021 Late July-August 2021

• Aircraft identified, inspected, • FAA conformity completed • Aircraft Paint • Target - Service Start financed and delivered • Pilot hiring/training continues • Final Proving Runs • FAA conformity begins and contracted Part 135 air carrier • Aircraft paint and DBA established for ‘Dash Air Shuttle’

• Pilot hiring/training begins

• Maintenance Program/Training begins

Timing Notes • Service will be launched using a 3rd party Part 135 commuter carrier doing business as (DBA) Dash Air Shuttle • Timing will be contingent upon FAA approvals and completion of required pilot training programs. Our goal is to launch service as soon as possible within 3Q21 (July – September) • Flights will go on sale roughly 45-50 days prior to first flight

Proprietary Information 9 Identifying initial ‘terminal’ location – private terminal likely most feasible until TSA can be reintroduced in CLM

Process from CLM Process to CLM

• Guest checks in no later than 20 minutes before • Guest checks in online or at counter location on departure Departures Level

• Flight arrives at Signature Private terminal, guest • Guests are given directions to where to meet claims luggage, shuttle transports to main terminal shuttle at Garage Level 1 or may check in online and meet at shuttle pick-up area no later than 15 • Shuttle uses Air Cargo Road tunnel (NOT the minutes before scheduled flight departure time expressway) to access Main Terminal area (Garage Level 1). Enters terminal via parking garage • Guests that are just traveling between SEA and elevators and checks in with respective airlines. CLM can check-in online and go directly to Estimated transfer time ~10-15 minutes Signature – guests need to arrive no later than 20 minutes before departure time Benefits of Private Terminal • Earlier check-in/boarding time requirements (20 • Shuttle departs for Private Terminal 15 minutes minutes before departure) before scheduled flight using Air Cargo Road tunnel (NOT the expressway). Estimated transfer time • Shuttle access to terminal uses Air Cargo Road ~10-15 minutes tunnel – not open to public • Significantly shorter taxi times than operating from the east side of the airfield Proprietary Information 10 Pathway to the Pacific Northwest’s most convenient airline

Launch Long term Minimum Viable Product Integrated Northwest Airline

Nine seat platform. Simple, twin engine nine seat Dynamic platforms. Potential mixed fleet of platform, likely the Cessna 402 advanced, nine passenger electric aircraft and larger gauge equipment (up to 30 seats) Distribution. In addition to ‘direct’ distribution, Embark plans to distribute through the GDS for Distribution. Direct, OTAs, interline connectivity bookings through Online Travel Agencies (OTAs) with Alaska, Delta, American, and most international carriers Value based approach with frequency. Fare structure will be simple, value based with Value based, high frequency. Value based pricing convenient frequency from Port Angeles to support high frequency ‘shuttle’ schedules to a variety of Northwest communities Global access. Embark will pursue accessing SeaTac to provide simple, one stop access to the Seamless Global access. Codeshare connections world, potentially using the FBO to Alaska Airlines (300+ daily flights) or (175+ daily flights) through the main terminal

Proprietary Information 11 Get In Touch

Connect with us

Seattle Office Contact: Clint Ostler (253) 797-1309 [email protected]

Proprietary Information 12