letter from Helivalues describing, with regards to the reports dated 10 January 2020 and 19 March 2021 (please find both reports attached): • The appraisal values were arrived to by using the income approach methodology, that is, both amounts are comparable; • Brief explanation about this methodology: I believe it would be saying this is a methodology where the helicopter is valued also according to the revenues it generates rather than by comparing only trades of similar helicopters on the market and expected trend, am I correct? • Brief explanation how the calculations work. I know that almost all the information I’m requesting above is already on the appraisal report, but Montepio would like to have a more succinct letter, bottom line to have more comfort about the methodology and the amounts of the income approach between both reports are comparable.