JLT Aerospace (North America) Inc.
2300 Dulles Station Blvd., Suite 230
Herndon, VA 20171
Main: 703 459-2380
Facsimile: 703 459-2381

as of this date, has arranged for the following insurance coverage(s) for the period and with underwriters as identified on the attached Security Sheet.

COVERAGES:

*REFER TO THE POLICY. AN ANNUAL AGGREGATE LIMIT AND/OR SUB-LIMIT MAY APPLY TO SOME COVERAGES.

GEOGRAPHICAL LIMITS: Worldwide

CONTRACT(S): Aircraft and/or Engine Maintenance Services Agreement, dated December 23, 2010 between Baltia Air Lines, Inc. ("Customer"), and Kalitta Air, L.L.C. (dba Kalitta Maintenance) ("Kalitta")

Subject always to the scope of the attached policies and all the policies' declarations, insuring agreements, terms, conditions, limitations, exclusions, deductibles, warranties and endorsements thereof remaining paramount: Solely as respects: (i) The Coverage(s) noted above; (ii) the Contract(s) (and then only to the extent of the Named Insured's obligation to provide insurance under the terms of the Contract(s)); and (iii) the operations of the Named Insured; the policies are endorsed to include the following provisions(s):

Solely as respects Comprehensive Airline Liability Insurance, Kalitta, its members, officers, directors, employees and agents are included as Additional Insureds ("the Additional Insureds") as their respective rights and interests may appear; however, no party shall be included as an Additional Insured as respects its legal liability as manufacturer, repairer or servicing agent of the Aircraft and/or Engines.

Such insurance as is afforded the Additional Insureds shall not be invalidated and shall protect their interests regardless of any action or inaction of Lessee or any other person or party whether or not such action or inaction is a breach or violation of any warranties, declarations or conditions of the policies, provided that the Additional Insured so protected has not caused, contributed to or knowingly condoned said act or omission, but in no event shall this clause apply in the event of exhaustion of policy limits, nor to losses, claims, expenses, etc., excluded from coverage under the policies.

Solely as respects Comprehensive Airline Liability Insurance, this insurance is primary without right of contribution from any other insurance as may be carried by the Additional Insureds.

All provisions of the above Liability insurance policies shall apply separately to the Named Insured and each Additional Insured against whom claim is made or suit is brought except with respect to the Limits of Liability.

Solely as respects Physical Damage Coverage, the Insurers waive their rights of subrogation against the Additional Insureds but only to the extent the Named Insured has waived its rights of recovery under the Contract(s).

JLT Aerospace (North America) Inc.
2300 Dulles Station Blvd., Suite 230
Herndon, VA 20171
Main: 703 459-2380
Facsimile: 703 459-2381

Insurers agree to hold harmless and waive their rights of subrogation against the Additional Insureds, but only to the extent the Named Insured has waived its rights of recovery under the Contract(s).

In the event of cancellation or material changes of the policies by insurers which would adversely affect the interests of the Additional Insureds, Insurers agree to provide 30 days (ten (10) days in the event of cancellation for non-payment of premiums) prior written notice to the Certificate Holder(s).

This certificate or verification of insurance is not an insurance policy and does not amend, extend or alter the coverage afforded by the policies listed herein. Notwithstanding any requirement, term, or condition of any contact or other document with respect to which this certificate or verification of insurance may be issued or may pertain, the insurance afforded by the policies described herein is subject to all terms, exclusions, limitations and conditions of such policies (including, but not limited to an Electronic Date Recognition Exclusion Clause, and a related Electronic Date Recognition Exclusion Limited Coverage Endorsement; copies of which will be made available on request).

JLT Aerospace (North America) Inc.
2300 Dulles Station Blvd., Suite 230
Herndon, VA 20171
Main: 703 459-2380
Facsimile: 703 459-2381

POLICY TERM: January 30, 2012 to January 30, 2013, on both dates at 12:01 A.M. Local Standard Time at the address of the Named Insured.

SEVERAL LIABILITY NOTICE

The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations. LSW 1001 (Insurance)