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TERMS AND CONDITIONS

1. This ticket represents a mere personal license revocable at the will of the Company, with or without cause, in which event the holder's remedy is limited to the refund of the amount paid herefor and marked on the ticket annexed hereto.

2. The holder expressly agrees (1) that the Company in performance of the flight covered by this ticket is not a common carrier, but is a private carrier, (2) that in the event of the injury or death of the holder due to any cause for which the Company is legally liable, the Company's liability is limited to $10,000, and (3) that in the event of loss or damage to the property of the holder due to any cause for which the Company is legally liable, the Company's liability is limited to $100.

3. The holder agrees to observe the rules and regulations of the Company covering flights, and to obey the instructions of its agents and employees.