Investor Presentaiton

Air Hub Operations and Opportunities for Sea Air Service ☐ ☐ Taking Advantage of Puerto Rico's Airport Capacity Puerto Rico has ample airport capacity and is well-positioned to serve other nearby markets with passenger and air cargo services The goal is to make the Island an air hub for the Eastern Caribbean with complementary air cargo and passenger focused services Ways to address the aviation market: - Develop cost-competitive feeder airline service to adjacent islands and tie to existing mainline air carrier service Identify cargo transshipment opportunities for intra-Caribbean distribution and evaluate the feasibility of promoting inter-island passenger services Establish a transit zone for passengers that would allow changing flights without requiring US entry or customs - Create a Tech Stop location for enroute aircraft refueling and maintenance and create a supporting FTZ for jet fuel Connect airports to ferry services sailing from Ceibo, Mayaguez, and Aguadilla for additional reach SAN JUAN HANS7 " - Create better, more reliable ground transportation services for Aguadilla passengers When new aviation routes are introduced, promote cargo in unison with passenger volume. Belly freight can subsidize lower volume passenger lanes. Look to Boston, Miami, Las Vegas, Ft Lauderdale for examples of how co-marketing cargo and passenger services can help add connectivity with competitive fares and cargo rates. Utilize any remaining capacity at SJU San Juan first, looking to BQN Aguadilla and RVR Ceibo next for future expansion Leveraging Puerto Rico's Strengths Puerto Rico is well-positioned to service Eastern Caribbean airline passengers and cargo - - As the easternmost US large commercial airport with frequent flights to the US mainland, SJU can act as a convenient hub for Caribbean travelers and cargo moving to and from the US mainland Inter-island air services can provide additional connectivity throughout the Caribbean, allowing passengers to move more freely between islands Without Cuba, the addressable market is over 33 million people Building passenger capacity and adding routes will also provide cargo capacity, making Puerto Rico more competitive in freight Airlines cross-subsidize cargo and passenger operations depending on the balance of traffic and available revenue opportunities Moving Ahead Requires... Evaluating consumer demand and testing interest among airlines Developing an action plan to better connect airports to ferry services and inland locations on the Island Determining the feasibility of a transit zone for inter-island services eliminating the need for passengers to clear US immigration and customs Researching airline demand and interest in a PR tech stop Immediate next steps should include: Identifying and interviewing airlines about their interest in growing inter-island Caribbean services, starting with JetBlue Developing passenger trip and cargo demand models for inter-island and US mainland - Caribbean services Forming a team to address passenger ground transport needs Researching current work at GAO relating to these topics SEABURY MARITIME 46

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