PAN AVIATION, INC.

START:              STOP:
CEASED OPS.

GRUMMAN GOOSE

N93GS   G-21      37823                         /

NORTH AMERICAN  SABRELINER

N41GS   40                                      /        /

LOCKHEED 1329  JETSTAR

N95GS   6         5014               N54BW      /        /90
N96GS   731       5068               N9231R     /   01/06/90 cvtd 6; WO Miami, FL

BOEING 727

N722GS  44        18893/157          ZS-SBB   09/82    05/83 RR N93GS
N92GS   44        18892/148          EL-AIY   06/82    11/84 NICOLETTE; LT Liberia World Awys. as EL-AIY 06/82-01/83; RR N94GS
N93GS   44        18893/157          N722GS   05/83    12/84 various leases 02/84-11/84
N94GS   44        18892/148          N92GS    11/84    07/87 LT CC 08/86-12/86
N95GS   44        18895/173          EL-AIZ   12/81    04/84

BOEING 720

N92GS   047B      18452/310          N93146   08/86      /

BOEING 707

N720GS  321C      19370/651          F-BYCN   06/83      /
N721GS  321C      19377/666          F-BCYP   07/81      /90
N722GS  321C      19373/656          F-BYCO   06/83      /93
N723GS  355C      19986/730          F-BJCM   07/81    02/88 CHRISTINA GAY / SPIRIT OF MIAMI