1. The Commercialization of Space Transportation April 2007

2. 1 K-1 Reusable Space Transportation Vehicle

3. 2 NASA Near Term ISS Dilemma International Space Station (“ISS”) –Approximately $100 billion investment to date by NASA alone –U.S. Government obligation to 16-partner countries to operate and provide cargo and crew transportation to and from ISS through 2015 –NASA currently uses the Space Shuttle to meet this obligation at a cost of approximately $1 billion per flight –Space Shuttle to be retired in 2010 – irrevocable decision –No other NASA capability to meet its commitment through 2015 Only near-term alternatives are Russian launch vehicles and foreign ATVs (European vehicle) and HTVs (Japanese vehicle) –U.S. law prohibits use of Russian vehicles after 2011 –ATV and HTV extremely expensive –None of these alternatives have the ability to return cargo to earth

4. 3 The Opportunity 1978 2004 2010 ISS OPPORTUNITY 1 st Space Shuttle Flight Decision to Retire Space Shuttle in 2010 Space Shuttle Retires Civil and Military Payload Launch Commercial Satellite Delivery Science and Technology Research COTS Program RpK Key Advantages Lower recurring costs and greater reliability than any other current ELV competitor Rapid launch and re-launch capability due to reusable design Positioned to be first-to-market with ISS re-supply capability Return downmass transportation capabilities unlike competitors NASA support Led by an experienced management team and supported by its original world-class team of strategic partners 2022 Extend life of the ISS 2015 Alternative NASA Solution Additional Revenue Opportunities

5. 4 NASA COTS Program Overview NASA COTS Program Two grant recipients, RpK and SpaceX, out of 20 competitors RpK strengths identified by NASA include: –Strong management team –Design and technical maturity of the K-1 –Multiple market approach of the Company’s business plan Space Act Agreement signed August 18, 2006 provides $207 million to RpK through 2009 –RpK retains nearly all intellectual property and commercial rights to technology (commercial program in which NASA does not end up owning the launch vehicle) –NASA provides important resources and technical expertise to the K-1 Program –NASA will be the Company’s largest customer –COTS Program is critically important to NASA and its goals RpK has successfully completed all NASA milestones to date and has received $32.1 million in milestone payments Latest Milestone: System Requirements Review  Met ahead of schedule and under budget Successful completion of the NASA COTS Program will position RpK to win a commercial contract for ISS re-supply – a $1 billion annual opportunity

6. 5 K-1 Reusable Space Transportation Vehicle Designed by Dr. George Mueller, designer of the Apollo and the Space Shuttle, to leverage existing technologies Upmass capability: launch cargo and satellite payloads into space Downmass capability: return cargo from both inside and outside Space Station to earth Fully reusable: designed for 100 flight life – 9-day turnaround Low-cost provider: starting at $30 million per launch, the K-1 costs significantly less expensive than any existing launch vehicle To date, more than $650 million has been invested in design and development of the K-1 vehicle, which is 75% complete

7. 6 RpK Market Opportunities Unique Fully Reusable Design Will Enable RpK to Successfully Penetrate Multiple Markets First affordable, reusable rocket addressing these markets ISS Re-Supply (NASA COTS) Rocketplane Kistler Approx. $1 - 2 Billion Annual Market Opportunity Science & Technology Research Commercial Satellite Delivery Civil and Military Payload Launch

8. 7 K-1 Reusable Space Transportation Vehicle Proven technologies adapted from other successful aerospace programs and applications reduce both development cost and technology risk Use existing flight qualified components (e.g., main engines) Designed with high factors of safety, including: –Triple-string, fault tolerant avionics system ensure reliable performance flight after flight –Integrated Vehicle Health Management (“IVHM”) systems automate and expedite checkout of the vehicle before and after each flight Designed for reliability, each K-1 has an expected life of 100 flights – nine day turnaround High launch rate and rapid turnaround significantly reduce the price of access to space Key Design Characteristics Cargo / Payload Module  Length: 5.9 m 2 nd Stage – Orbital Vehicle (“OV”)  Length: 18.6 m  Diameter: 4.3 m  Weight: 131,800 kg 1 st Stage – Launch Assist Platform (“LAP”)  Length: 18.3 m  Diameter: 6.7 m  Weight: 250,500 kg Approx. 5,700 kg delivered to LEO Approx. 1,570 kg delivered to GTO Approx. 2,775 kg of cargo upmass and downmass for ISS missions Key Performance Metrics The K-1 design is based on mature, proven technologies

9. 8 K-1: Systems Engineering Overview Systems engineering for reusable launch vehicles is dramatically greater than that of ELVs Both design and verification for the K-1 completed –Aerodynamics –Load, dynamics, vibroacoustics –Thermal –Mass properties –Timeline Trajectory design reference missions completed Vehicle schematics wiring and plumbing completed Interface requirements specification completed Cargo module currently undergoing Preliminary Design Review RpK’s K-1 Essential Systems Engineering Tasks Are Complete K-1 systems engineering is substantially complete

10. 9 K-1: Development Responsibilities and Status Vehicle Exterior Structure 21 of 23 Major Panels Complete Parachutes Engineering 90% Complete Mains – Complete Drogue – Complete Stabilization – 95% Complete Mortar – Complete Drop Tests - Complete OV RP Tank 100% Design Complete 35% Fabrication OV LOX Tank 100% Complete Thermal Protection System Overall Design Complete Detailed Design – 30% Arc Jet Testing Planned Production at Restart LAP LOX Tank 100% Complete LAP RP Tank 100% RP Design Completed 30% Fabrication Complete LOX Retention Tank 100% Design Complete 75% Fabrication Complete AJ-26 Engines 37 Engines at Aerojet Verification Engine in Test Airbags OV Fabrication 50% Complete LAP Fabrication 50% Complete ¼ Scale Drop Tests Complete Airbag Inflation Tests Complete Avionics Hardware Vehicle Computer – Delivered GPS /INS units – Delivered TDRSS Receiver – Off the Shelf FAA Transponder Delivered SMU – In Manufacturing PDU, MEC – In Test Avionics Software GN&C Complete Hardware in the Loop (HWIL) With Flight Hardware / Software Testing Final Assembly Commenced 5/98 1 st Stage LOX Tank Delivered 6/98 AJ-26 Engines 9 Engines at Aerojet OMS Engine 40 Igniter Tests Complete 29 Injector Tests Complete Payload Module 100% Structural Design Complete 25% Fabrication Complete Launch Site First Site in Australia Contract Executed for Site Design and Construction Launch Site Design 100% complete Environmental Approval Received Launch Operation Contract Signed Native Title Agreement Signed Site Ground Breaking Export License Approved Second Site Planned in U.S. The K-1 vehicle hardware is 75% complete

11. 10 K-1: Launch Operations Launch Sites Overview RpK plans to have two operational launch sites First site in Spaceport Woomera, Australia –Located in Woomera Test Range (“WTR”) in the South Australian outback –Launch azimuth covers all addressable market / customer requirements from one site –Contract executed for site design and construction –Launch site design nearly 100% complete –Environmental approval received –Operations agreement signed –Native title agreement signed –Technical assistance agreement signed K-1 launch site provides launch direction that meets customer requirements from one site

12. 11 K-1: ISS Mission Profile Overview SPACEPORT WOOMERA: Woomera, S. Aust. 31 o S Lat Stage Separation OV MECO Coast Phase OV Re-Entry LAP & OV Deploy Parachutes and Land at Launch Site using Airbags OV MECO Altitude OV De-Orbit Burn LAP Flyback OV Return Phasing Burn Parachute Deployment Altitude ISS Altitude Phasing Altitude to ISS K-1 Vehicle Liftoff Mated with ISS/Separation Phasing Altitude to Ldg. Typical Event Sequence Time in Hrs:Min:SecAssumes 5 day stay at ISS Day 1 Days 1-5 @ ISSDay 6

13. 12 Looking To The Future

14. 13 K-1 Path to the Moon