Dear Shareholder:

As a follow up to today's email to stockholders, I want to provide you with
the underlying assumptions used to produce the annual rates of return
contained in the graph.
The annual rate of return is calculated by comparing the (i) annual
appreciation of a seat and (ii) the lease revenue (based upon the cumulative
monthly average for a 6-month lease) generated for a calendar year with
(iii) the purchase price at the beginning of a calendar year. For instance,
if you bought a seat at the last seat price in 1999 ($690,000) and leased it
at the average lease rate over the course of a year, the amount of revenue
you would receive, taking annual appreciation into account, would provide a
20% annual rate of return as of the last day of 2000.

Sincerely,
J. Robert Collins, Jr.
President