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Management estimates are derived from publicly available information released by independent industry analysts and other third party sources, as well as data from the Company's internal research, and are based on assumptions (such as assumptions regarding the future performance of the Company's industry and market) which the Company believes to be reasonable. While the Company believes that such third-party information is reliable, the Company has not independently verified, and does not make any representation as to the accuracy or completeness of, such third party information. In addition, goals, targets, assumptions and estimates of the future performance of the industry in which the Company operates and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:14.258+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17954453-0860-4d44-bcd5-693296cd1979", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.16, "x": 0.174, "y": 0.205 }, "kind": "paragraph", "text": "About This Presentation\nThis presentation and the accompanying oral presentation (\"Presentation\") contain proprietary and confidential information of Surf Air Mobility, Inc. (\"Surf Air Mobility\", \"Company\" or \"Surf Air Mobility\"), Surf Air Global (Surf Air\") and Southern Airways Corp. (\"Southern\") and the content should be considered \"Confidential Information\". This Presentation is made solely for informational purposes, and no representation or warranty, express or implied, is made by Surf Air Mobility, Surf Air, Southern or any of its representatives as to the information contained in these materials or during any related presentations or discussions. Without the accuracy or reasonableness of statements, views, insights, assumptions or judgments described below, the recipient of this Presentation shall keep this Presentation and its contents confidential, shall not use this Presentation or its contents for any purpose other than as expressly authorized by Surf Air Mobility and shall be required to return or destroy all copies of this Presentation or portions thereof in its possession promptly following request for the return or destruction of such copies. The recipient acknowledges and agrees to the foregoing confidentiality requirements.\nINVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON THE ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN THIS PRESENTATION. ANY REPRESENTATION TO THE COMPANY IS A CRIMINAL OFFENSE.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:14.258+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2748a9d1-6e1e-48cb-856d-a629c094f50b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.16, "x": 0.174, "y": 0.84 }, "kind": "paragraph", "text": "Forward-Looking Statements\nCertain information in this Presentation and oral statements made in any meeting are forward looking and relate to Surf Air Mobility's anticipated future business and financial condition, business strategy and plans, and", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:14.258+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "729e2d95-3ddf-46d0-979c-c1a0fa1b2995", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.3, "x": 0.34, "y": 0.67 }, "kind": "paragraph", "text": "that the expectations reflected in the forward-looking statements (including goals and targets) are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, level of activity, performance or achievements and does not make any representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements (including goals and targets). Prospective investors are cautioned not to place undue reliance on such statements or information.\nForward looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and the Company does not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.\nSouthern Acquisition\nReferences to the \"Southern Acquisition\" refer to the business combination transaction pursuant to which, immediately prior to the direct listing, a wholly owned subsidiary of Surf Air Mobility will be merged with and into Southern, after which Southern will be a wholly owned subsidiary of Surf Air Mobility. The Southern Acquisition has not closed and is subject to completion of a public listing, regulatory approvals, and other customary closing conditions. Information that is presented as a \"pro forma\" basis relates to unaudited pro forma combined financial statements of data prepared in accordance with Article 11 of Regulation S-X which gives effect to, among other things, the internal reorganization, the Southern Acquisition and related equity commitments and transaction costs.\nUse Of Trademarks\nThis Presentation contains trademarks, service marks, trade names and copyrights of Surf Air Mobility, Surf Air, Southern", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:14.258+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "851dd2fb-f818-42da-9ee4-8f35d6a25794", "parentComponentId": null }, { "bbox": { "h": 0.66, "w": 0.3, "x": 0.34, "y": 0.205 }, "kind": "paragraph", "text": "objectives of management for future operations. Forward-looking statements include, among other things, statements about the Company's expectations regarding capital requirements, expenses, sales and operations, future customer concentrations, development of hybrid electric and fully electric powertrain technology, regulatory approval and market entry of hybrid electric and fully electric powertrain technology, ability to anticipate the future needs of the air mobility market, projected use of the air mobility market, future trends in the aviation industry generally, plans for future products and enhancements of existing products, future growth strategy and growth rates, future intellectual property, anticipated trends and challenges in the markets in which the Company operates, and the successful completion of a public listing. In some cases, you can identify forward-looking statements by terminology such as \"pro forma\", \"may\", \"should\", \"could\", \"might\", \"plan\", \"possible\", \"project\", \"strive\", \"budget\", \"forecast\", \"expect\", \"intend\", \"will\", \"estimate\", \"anticipate\", \"believe\", \"predict\", \"potential\" or \"continue\", or the negatives of these terms or variations of them or similar terminology. This Presentation also contains certain goals and targets which are not projections but which are forward-looking, and are subject to significant risks, uncertainties, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and these variations may be material. Nothing in this Presentation should be regarded as a representation by any person that these goals and targets will be achieved and the Company undertakes no duty to update these goals and targets. Forward-looking statements (including goal and targets) are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements (including goals and targets). 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We define \"tier 1\" routes as those routes (1) that are part of the largest U.S. intra-state travel markets measured by annual trips taken between any two stations in the United States; (2) with airport pairs optimized as the zipcode level using demographic data such as household income, STEM employees and property values; (3) that typically do not have direct airport to airport competition; and (4) based on a regional air mobility consumer preference and price point survey of approximately 1,500 people in the United States and the European Union, as well as management's analysis, we believe can support operations pre-electrification with average fares of approximately $250 to $350 per seat per trip.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"kind": "paragraph", "text": "Optimized route selection by focusing on the top metro areas by: gross product, growth, and top-quartile route density", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:30.103+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "091a8da5-e656-4f5d-8d67-4a740a5e0f51", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.309, "x": 0.474, "y": 0.42 }, "kind": "paragraph", "text": "Using a 2019 mobile device data-set with ~9B location pings we created a regional travel demand flow", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:30.103+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa44e1f4-a3dc-4743-b0d9-f2134ce2e0c2", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.532, "x": 0.234, "y": 0.267 }, "kind": "paragraph", "text": "DEMAND DATA AND DEMOGRAPHIC DATA LAYERS POWERED THE CREATION OF OUR NETWORK PLAN", "attrs": {}, "canon": { "kind": { "name": 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(1) 100-500-kilometer trips (2) We define \"tier 1\" routes as those routes (1) that are part of the largest U.S. 100 to 500 mile travel markets measured by annual trips taken between any two metros in the United States (2) with airport pairs ranked on the zipcode level using demographic data such as household income, STEM employees and property values (3) that typically do not have direct airport-to-airport competition; and (4) based on a regional or mobility consumer preference and price point survey of approximately 1,500 people in the United States and the European Union, as well as management's analysis, we believe can support operations pre electrification with average fares of approximately $150 to $300 per seat per trip.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"text": "Regional airport\nMajor hub airport", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:29.549+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5950f675-a542-46a3-a5b8-391ec963e148", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.18, "x": 0.05, "y": 0.65 }, "kind": "source-note", "text": "We define \"Tier 1\" routes as those routes (1) that are part of the largest U.S. pre-to-post-sale liquid markets measured by annual trips taken between any two metros in the United States, (2) with airport pairs optimized on the zipcode level using demographic data such as household income, STEM employment and property values (3) that typically do not have direct airport-to-airport competition, and (4) based on a regional air mobility consumer preference and price point survey of approximately 2,500 people in the United States and the European Union, as well as management's analysis, we believe can support operations pre-electrification with average fares of approximately $250 to $500 per seat per trip.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This Pro Forma information is not necessarily indicative of what the actual financial position or results of operations would have been had the transactions occurred on the dates indicated, nor does it purport to project the future financial position or results of operations.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:02:46.473+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "972e8b04-2c90-46d2-8c7f-9590a68a9a8f", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.34, "x": 0.19, "y": 0.21 }, "kind": "table", "text": "Surf Air Global\nFOR THE THREE MONTHS ENDED MARCH 31\n2023: Revenue $5,507, Net loss $(20,573)\n2022: Revenue $4,818, Net loss $(10,647)\nFOR THE YEAR ENDED DECEMBER 31\n2022: Revenue $20,274, Net loss $(74,362)\n2021: Revenue $11,798, Net loss $(35,784)", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", 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However, SAM will be unable to request any of the GDM Advances until a resale registration statement covering the shares to be sold to GDM in accordance with the terms of the Share Subscription facility has been declared effective.\n(3) On an actual basis of SAFE.\n(4) On a pro forma basis to reflect the following transactions, as if such transactions had occurred on March 31, 2023: (i) the internal reorganization (including the Conversions) and the Southern Acquisition; (ii) the Terran Payment; (iii) the SAFE Settlement; (iv) the ADGM Account; (v) the initial GDM Advance, the GDM Purchase and the GDM Advance and (vi) certain other adjustments.\n(5) On an adjusted pro forma basis, which excludes the GDM Advance, the initial SAM funding for which we expect to be paid following the receipt of the GDM Advance and $25 million of the total due under debt and deposit maintenance agreements which will become due following the receipt of a GDM Advance.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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