Dear Sir or Madam:

This letter is intended to describe the step-by-step process of establishing an owner trust for U.S. FAA aircraft registration.

Step 1: Completion of the trust agreement

Please first examine the trust agreement form. This agreement establishes the relationship between the Bank asOwner Trustee, and the true owner of the aircraft, as Trustor. The trust can be named whatever pleases the Trustor. We often see them named after the aircraft, such as “Trust for N345ZX,” or after the name of theTrustor, such as “Trust for ABC Corporation”. They may have creative names, or may not be named at all, and simply referred to by date. Next, you will notice a series of blanks, mostly dealing with aircraft specific information and notice requirements. This form must be as complete as possible in order to provide us the information we will need to complete further documentation related to the registration of the aircraft, so please don’t overlook any blanks. Additionally, please make a point of providing complete notice information, including email addresses, telephone numbers, fax numbers, and any other information which may be helpful to us in reaching the Trustor. The contact specified in the notice section should be able to receive and process aircraft related information, such as airworthiness directives. If the Trustor wishes the invoices for trust service fees to be sent to a location other than that specified in the notice section, please provide that information to us.

Please note that the trust agreement form provided by Bank of Utah is one which has been approved by the FAA for hundreds of aircraft registrations. Any comments or changes will have to meet the approval of the FAA. The provided form, however, is not the only acceptable form, and Bank of Utah will be happy to consider other forms, so long as they containthe FAA-required language.

For aircraft on lease to a third party operator, or under a separate management arrangement of some kind, Bank of Utah, in its capacity as Owner Trustee, will execute leases or management agreements as lessor or Owner Trustee on behalf of the Trustor. For a Trustor who will be the aircraft operator, an Aircraft Operating Agreement form is provided. This agreement, between the Trustor and Bank of Utah as Owner Trustee, is generally filed with the FAA along with the Trust. Pursuant to the Operating Agreement, the Owner Trustee grants authorization to operate the aircraft back to the Trustor. It further defines the relationship and outlines obligations for insurance and maintenance of the aircraft. If applicable, Bank of Utah will need this form competed, signed and returned to us prior to closing. Please contact your Bank of Utah in-house counsel (below) with questions about this document.

Step 2: Send trust agreement forms and signature pages for review and filing.

Once complete, the Trustor should send the trust agreement by email to Bank of Utah. Brett King will be your in-house counsel contact at Bank of Utah and will assist you with the establishment of the trust. Brett can be reached at (801) 924-3676 email: You or we (at your direction)will email the same completed trust agreement to your representative for filing in Oklahoma City. The Trustor must also print signature pages for the trust agreement, execute the pages in blue ink (FAA request), and send an original signature page to Oklahoma City for FAA filing. Your email to Brett at Bank of Utah should include information about where we should send our counterpart executed signature pages and other FAA related documents. Bank of Utah will also eventually need an original executed version of the completed trust agreement for our files. The hard copy mailing address for original documents sent to Bank of Utah Corporate Trust Services is 200 East South Temple, Suite 210, Salt Lake City, UT84111.

Please note that is it imperative for the Trustor to retain a law firm or title company in Oklahoma City to be responsible for the accumulation of the necessary FAA documentation and the FAA filing process itself. We confidently recommendcontacting IATS at(405) 681-6663,

Step 3:Evidence of insurance

Bank of Utah should be listed on the aircraft hull and liability insurance policy as an additional insured. A copy of the Insurance Certificate showing Bank of Utah as an additional insured should be provided at closing.

Step 4: Patriot Act due diligence completion

Bank of Utah acts in accordance with statutory requirements to complete a customer profile for each transaction PRIOR to closing. A form requesting the required information should have accompanied the trust agreement form and is fairly self explanatory. If the request form is missing or there are any questions about the Patriot Act or the required information, please contact me at ph: (801) 924-3675 email:

Step 5: Pay our fees

Bank of Utah will charge a one-time fee of $1,500 to establish the trust and register the aircraft. If the trust should extend beyond the initial six months, we will begin invoicing ongoing fees for the maintenance of the trust at the rate of $1,000 every year. An invoice for fees, including payment instructions, will be sent to the address designated by the Trustor at the time of closing.

Please contact either Brettor me if you have any questions.

Best regards,

C. Scott Nielsen

Bank of Utah

200 East South Temple

Suite 210

Salt Lake City, UT, 84111

Ph: 801-924-3675