InselAir

Reaching Higher

Mr. Errol Goeloe

Minister of Economic Development
Pletterijweg 43
Curacao

Your Excellency,

InselAirs interim management learned that a delegation of government of Curaao had a

meeting with representatives of Synergy Aerospace Corporation in Florida last weekend.

According to the press the delegation has kept the course as it was agreed upon in the
recently signed letter of intent and maintained the spirit of the draft of the Heads of
Agreement. Apparently nothing was taken off the table. If there are any written job
guarantees obtained, management would welcome a copy thereof. If nothing in writing
exists, any specifics of verbal information would be much appreciated.

Apparently, the government did not follow the suggestion of the majority in a recently held
central committee meeting on lnselAir in parliament. In this meeting, the majority suggested
that financial support to Inselair should be discontinued.

Management stresses that discontinuation of financing that is effectively operational budget,

poses a risk to InselAirs continued operations, not to mention a modest growth, and
increases the risk of further lay-offs. Current employee levels are based on a modest growth
scenario.

A modest growth contributes to InselAirs value in the short term, and will therefore improve
the creditors prospects for recovery of their claims, even though most creditors should be
aware that they will likely remain with a considerable unrecoverable portion of their claims.

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InselAir Reaching Higher

FinaUy, management suggests that the government refrains from any conversations or
negotiations with strategic partners, without InselAirs managements, supervisory boards
and trustees involvement. Managements and the supervisory boards involvement are
provided for in the loan agreement dated 27 January 2017 and, moreover, the creditors,
including (ex-)employees, will need to be satisfied that any agreement negotiated would be in
their best interests. The trustee, working with management support, is appointed by the
court in order to safeguard those interests. We have been informed by Synergy Aerospace,
that, in orderto avoid unwanted misunderstandings or inaccuracies, it will not entertain
further conversations outside the presence of the trustee.

Yours sincerely,
t,
J/Jv

G. Filiatreault R.F. vad euvel

Executive Chairman and CEO Trustee (bewindvoerder)