Start Start 4 Phase I Success 72% 11 Failure 28% 4 Phase II Utah 35% Colorado 30% Network Expansion Phase III Success 75% Arizona 20% Failure 15% 7 8 12 2 Failure 25% Success with New Aircraft PV of Revenues Costs Net Probability 212 9 178 167 65% 1 19 Failure 35% 2 Success 60% 15 Failure 40% 2 Total Expected Value Start Start 4 Phase I Success 72% 11 Failure 28% 4 Phase II Utah 35% Colorado 30% Network Expansion Phase III Success 75% Arizona 20% Failure 15% 7 8 12 2 Failure 25% Success with New Aircraft PV of Revenues Costs Net Probability 212 9 178 167 65% 1 19 Failure 35% 2 Success 60% 15 Failure 40% 2 Total Expected Value