PROPRIETARY First Equity Copyright 2018 © First Equity Group, Inc. – 20 – First Aviation Services (FAvS) – National Airmotive Corporation (NAC) Value Creation – First Equity elevated key members of the existing team – Expanded foreign and domestic direct sales efforts – Implemented the most comprehensive shop floor control systems in the industry – Leveled production schedules and drove efficiency – Remained highly focused on engine types that NAC could dominate Result – Increased revenue and profitability significantly over the 4 years of ownership  Revenue CAGR of 8.1%, EBIT CAGR of 81%  NAC was the main driver in taking First Aviation Services public which provided financing for the acquisition of API – Sold to Rolls-Royce plc for $73 million in November 1999  Price was 2.5x the original purchase price