<SUBMISSION>
<ACCESSION-NUMBER>0001193125-17-383520
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20171226
<ITEMS>1.01
<ITEMS>2.03
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20171229
<DATE-OF-FILING-DATE-CHANGE>20171229
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PHI INC
<CIK>0000350403
<ASSIGNED-SIC>4522
<IRS-NUMBER>720395707
<STATE-OF-INCORPORATION>LA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-09827
<FILM-NUMBER>171282066
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2001 SE EVANGELINE THRUWAY
<STREET2>-
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70508
<PHONE>(337) 235-2452
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PO BOX 90808
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70509
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PETROLEUM HELICOPTERS INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d513767d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities and Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): December&nbsp;26, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>PHI, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name
of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="32%"></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Louisiana</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-9827</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">72-0395707</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>2001 SE Evangeline Thruway, Lafayette, Louisiana</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>70508</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(337)&nbsp;235-2452</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Telephone Number, Including Area Code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligations of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;26, 2017, PHI, Inc. (the
&#147;Company&#148;) entered into the Fifth Amendment to Second Amended and Restated Loan Agreement (the &#147;Fifth Amendment&#148;), by and among the Company, as borrower, PHI Air Medical, L.L.C. and PHI Tech Services, Inc., as subsidiary
guarantors, and Whitney Bank, as lender. The Fifth Amendment amends the Company&#146;s Second Amended and Restated Loan Agreement, dated September&nbsp;18, 2013 (as amended through the Fifth Amendment, the &#147;Loan Agreement&#148;). The principal
amendments effected by the Fifth Amendment (i)&nbsp;extend the maturity date of the revolving line of credit from October&nbsp;1, 2018 to March&nbsp;7, 2019, (ii) decrease the secured revolving line of credit from $150&nbsp;million to
$130&nbsp;million, (iii)&nbsp;limit extensions of credit under the revolving line of credit to a borrowing base calculated periodically based on specified percentages of the value of eligible accounts and eligible inventory and the value of certain
short-term investments, and (iv)&nbsp;waive the fixed charge coverage ratio for the fourth quarter of 2017 and the first quarter of 2018. The Fifth Amendment also, among other things, amends certain specified interest rates and various covenants,
including amendments that change the fixed charge coverage ratio from 1.10 to 1.00 to 1.00 to 1.00, calculated on a quarterly basis, change the Company&#146;s required consolidated net worth from $450&nbsp;million to $500&nbsp;million, and permit
debt in an aggregate principal amount not to exceed $5&nbsp;million to accommodate an international working capital line of credit that the Company may establish in connection with the Arrangment (as defined below), which is described in greater
detail in Item 8.01 of this Current Report.<B><I> </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The full text of the Fifth Amendment is filed as Exhibit&nbsp;4.1 to this Current Report, and
is incorporated into this Item&nbsp;1.01 by reference. The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of Exhibit&nbsp;4.1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation under an <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement of
a Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information required to be disclosed under this Item is incorporated herein by reference to Item&nbsp;1.01. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;29, 2017, the Company and HNZ Group, Inc. (&#147;HNZ&#148;) issued a
joint press release announcing the completion of the previously-announced statutory plan of arrangement (the &#147;Arrangement&#148;) involving the Company, HNZ and others which resulted in, among other things, the acquisition by the Company of
HNZ&#146;s offshore business conducted in New Zealand, Australia, the Philippines and Papua New Guinea, effective as of December&nbsp;29, 2017. The Arrangement was completed, pursuant to the Arrangement Agreement (the &#147;Arrangement
Agreement&#148;), dated October&nbsp;30, 2017 (as amended on December&nbsp;18, 2017), by and among us, HNZ and others.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the press release is filed as Exhibit 99.1 and is incorporated herein by reference. A copy of the Arrangement Agreement was previously filed with
the Securities and Exchange Commission (&#147;SEC&#148;) as Exhibit 2.1 to our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended September&nbsp;30, 2017. A copy of the Amending Agreement to
Arrangement Agreement, dated December&nbsp;18, 2017, by and among the parties to the Arrangement Agreement, was previously filed with the SEC as Exhibit 2.1 to our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed
December&nbsp;20, 2017. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="94%"></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d513767dex41.htm">Fifth Amendment to Second Amended and Restated Loan Agreement, dated as of December&nbsp;26, 2017, by and among PHI, Inc., the subsidiary guarantors thereto and Whitney Bank. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d513767dex991.htm">Press release issued by PHI, Inc. and HNZ Group Inc., dated December&nbsp;29, 2017. </A></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its
behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
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<TD WIDTH="4%"></TD>
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<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">PHI, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: December&nbsp;29, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Trudy P. McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy P. McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer and Secretary</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>d513767dex41.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT</B> (the &#147;Fifth Amendment&#148;), is dated and effective as of
December&nbsp;29, 2017 (the &#147;Effective Date&#148;), and is by and among Whitney Bank, a Mississippi state chartered bank, (hereinafter &#147;Bank&#148;), PHI, Inc., (hereinafter referred to as &#147;PHI&#148;), PHI Air Medical, L.L.C. and, PHI
Tech Services, Inc., (individually, collectively and interchangeably, the &#147;Subsidiary Guarantors&#148;, with PHI and the Subsidiary Guarantors individually, collectively and interchangeably referred to as the &#147;Obligor&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Recitals </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>,
PHI, Subsidiary Guarantors and Bank entered into a Second Amended and Restated Loan Agreement dated as of September&nbsp;18, 2013 (as amended, the &#147;Agreement&#148;), pursuant to which Bank issued a Revolving Line of Credit (as defined therein)
in the amount of $130,000,000.00 to PHI with a sublimit of $20,000,000.00 to be used to establish standby letters of credit but when issued reduces the amount available under the Revolving Line of Credit; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, PHI, Subsidiary Guarantors and Bank entered into a First Amendment to the Second Amended and Restated Loan Agreement dated as
of March&nbsp;5, 2014 (the &#147;First Amendment&#148;) in order to amend the Agreement to allow for, among other things, the execution of the 2014 Bond Indenture, dated as of March&nbsp;17, 2014, executed by and among PHI, as issuer, the guarantors
named therein, and U.S. Bank National Association, as trustee, which provided for the issuance and sale of up to a maximum of $500&nbsp;million in aggregate principal amount of new senior unsecured notes (the &#147;Indenture&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, PHI, Subsidiary Guarantors and Bank entered into a Second Amendment to the Second Amended and Restated Loan Agreement dated as
of September&nbsp;26, 2014 (the &#147;Second Amendment&#148;) in order to amend the Agreement to (i)&nbsp;extend the maturity date of the Revolving Line of Credit and (ii)&nbsp;provide that PHI may redeem, repurchase or retire any shares of its
capital stock from its employees not to exceed $25,000,000.00 in the aggregate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, PHI, Subsidiary Guarantors and Bank
entered into a Third Amendment to the Second Amended and Restated Loan Agreement dated as of September&nbsp;25, 2015 (the &#147;Third Amendment&#148;) in order to amend the Agreement to extend the maturity date of the Revolving Line of Credit; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, PHI, Subsidiary Guarantors and Bank entered into a Fourth Amendment to the Second Amended and Restated Loan Agreement dated as
of September&nbsp;25, 2016 (the &#147;Fourth Amendment&#148;) in order to amend the Agreement to extend the maturity date of the Revolving Line of Credit, to modify some of the financial covenants, and to make certain other changes further described
therein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, PHI, Subsidiary Guarantors and Bank now desire to again extend the maturity date of the Revolving Line of
Credit and make certain other changes further described herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFOR</B>, for good and adequate consideration, the receipt of
which is hereby acknowledged, PHI, the Subsidiary Guarantors and Bank do hereby amend the Loan Agreement as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;As used herein, capitalized terms not defined herein shall have the meanings attributed to them in the Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;Section A(1) of the Agreement is hereby amended and restated as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">THE LOAN OR LOANS. Provided all obligations of Obligor are timely performed in favor of Bank contained in this Agreement and in any other agreement, whether now existing or hereafter arising: </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>1</B> of <B>7</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;Bank shall make available to PHI a secured revolving line of credit
(the &#147;Revolving Line of Credit&#148; or the &#147;Loan&#148;) in the principal amount of ONE HUNDRED THIRTY MILLION AND NO/100 ($130,000,000.00) DOLLARS, that may be drawn upon by PHI on any business day of Bank during the period hereof until
and including March&nbsp;7, 2019, on at least one day&#146;s telephonic notice to Bank. The Revolving Line of Credit shall be evidenced by a commercial note, payable to Bank (the &#147;Note&#148;) and shall contain additional terms and conditions
and be identified with this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;Section C (1)&nbsp;of the Agreement is hereby amended and restated as
follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">REPRESENTATIONS, WARRANTIES AND COVENANTS. PHI and the Subsidiary Guarantors, as applicable, represent, warrant and covenant to Bank that as of the date hereof and so long as the Loan shall be outstanding, except for
matters that could not reasonably be expected to have a material adverse effect on PHI and its subsidiaries, taken as a whole: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Organization and Authorization. (i)&nbsp;PHI is a validly organized corporation duly existing and in good standing under the laws of the State of Louisiana and is duly qualified as a foreign corporation in all
jurisdictions wherein the property owned or the business transacted by it make such qualifications necessary, except where the failure to be so qualified would not have a material and adverse effect on the business or property of PHI. Within the
last ten (10)&nbsp;years, PHI has not done business under any other name. PHI&#146;s tax identification number is <FONT STYLE="white-space:nowrap">72-0395707</FONT> and its domicile is 2001 SE Evangeline THWY, Lafayette, Louisiana 70508. PHI&#146;s
corporate charter number with the Secretary of State of Louisiana is 34472577D. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(ii) PHI Tech Services, Inc. is a validly
organized corporation duly existing and in good standing under the laws of the State of Louisiana and is duly qualified as a foreign corporation in all jurisdictions wherein the property owned or the business transacted by it make such
qualifications necessary, except where the failure to be so qualified would not have a material and adverse effect on the business or property of PHI Tech Services, Inc. Within the last ten (10)&nbsp;years, PHI Tech Services, Inc. has not done
business under any other name. PHI Tech Services, Inc.&#146;s tax identification number is <FONT STYLE="white-space:nowrap">72-0835089</FONT> and its domicile is 2001 SE Evangeline THWY, Lafayette, Louisiana 70508. PHI Tech Services, Inc.&#146;s
corporate charter number with the Secretary of State of Louisiana is 3236190D. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(iii) PHI Air Medical, L.L.C. is a validly organized
limited liability company duly existing and in good standing under the laws of the State of Louisiana and is duly qualified as a foreign limited liability company in all jurisdictions wherein the property owned or the business transacted by it make
such qualifications necessary, except where the failure to be so qualified would not have a material and adverse effect on the business or property of PHI Air Medical, L.L.C. Within the last ten (10)&nbsp;years, PHI Air Medical, L.L.C. has not done
business under any other name except PHI Air Medical, Inc. and Air Evac Services, Inc. PHI Air Medical, L.L.C.&#146;s tax identification number is <FONT STYLE="white-space:nowrap">72-1404705</FONT> and its domicile is 2001 SE Evangeline THWY,
Lafayette, Louisiana 70508. PHI Air Medical, L.L.C.&#146;s corporate charter number with the Secretary of State of Louisiana is 34601740K. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(iv) The execution, delivery and performance of this Agreement and all other documents delivered to Bank by PHI and the Subsidiary Guarantors,
as applicable, have been duly authorized and do not violate their respective articles of incorporation, bylaws, articles of organization, operating agreements (or other governing documents), material contracts or any applicable law or regulations.
PHI and PHI Air Medical, L.L.C. are each an air carrier certificated under 49 U.S.C. 44705 and shall comply with all rules and regulations of the Federal Aviation Administration. If PHI Tech Services, Inc. becomes an air carrier certificated under
49 U.S.C. 44705 or if any other subsidiary of PHI becomes an air carrier certificated under 49 U.S.C. 44705, PHI shall promptly notify Bank and cause such subsidiary to execute a new security agreement encumbering its Parts (as such term is
hereinafter defined) listing the location of the Parts in a format sufficient for filing with the Federal Aviation Administration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>2</B> of <B>7</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;Section C (3) (i) of the Agreement is hereby amended and restated in
full as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">2014 Indenture. PHI represents, warrants and covenants to the Bank that the terms and conditions of this Agreement do not violate the Indenture, or any other document executed or to be executed in connection therewith,
as all of the foregoing may be amended from time to time. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;Section C (6)&nbsp;of the Agreement is
hereby amended to (i)&nbsp;delete &#147;and&#148; at the end of subsection (f), (ii) amend and restate subsection (g)&nbsp;in its entirety, and (iii)&nbsp;add new subsections (h)&nbsp;and (i) as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;&nbsp;&nbsp;&nbsp;Financial Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available, but in any event within twenty-five (25)&nbsp;days after the end of each calendar month, PHI
will provide to Bank a Borrowing Base Certificate. The term &#147;Borrowing Base&#148; shall mean, as of the date of determination thereof, (i)&nbsp;the amount equal to the sum of eighty (80%) percent of the principal amounts owed on all Eligible
Accounts as of such date, <I><U>plus</U></I> (ii)&nbsp;the amount equal to the sum of fifty (50%) percent of the value of all Eligible Inventory as of such date, <I><U>plus</U></I> (iii)&nbsp;the market value of all Short Term Investments. The
Borrowing Base Certificate shall be in a form and content acceptable to Bank (&#147;Borrowing Base Certificate&#148;), prepared by PHI and certified as correct by the Chief Financial Officer or other person acceptable to Bank, identifying the
calculation of the Borrowing Base including balance and eligibility information current as of the date the Borrowing Base Certificate is furnished to Bank. The form attached as Exhibit A is acceptable to Bank. With the Borrowing Base Certificate,
PHI shall furnish reports showing (i)&nbsp;aging, name of the account debtor, and other information as reasonably requested by Bank to justify that the accounts used in the Borrowing Base Certificate are Eligible Accounts and (ii)&nbsp;the costs and
fair market value of the inventory and other information as reasonably requested by Bank to justify that the inventory used in the Borrowing Base Certificate are Eligible Inventory. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Eligible Accounts&#148; shall mean accounts denominated in US dollars (as that term is defined in the Louisiana Uniform Commercial Code)
owned by Obligor and subject to a first perfected security interest in favor of Bank and otherwise eligible to be used as a basis for an advance to PHI under the Revolving Line of Credit.&nbsp;The following shall not be an Eligible Receivables:
(i)&nbsp;any account which has remained unpaid for more than 90 days from the date of invoice or an account which is subject to an offset or is disputed by an account debtor, (ii)&nbsp;any account owed by an account debtor which does not maintain
its principal office in the United States or which is not organized under the laws of any state in the United States, unless secured by an acceptable letter of credit subject to a first priority perfected security interest in favor of Bank;
(iii)&nbsp;any account which is owed by any parent, subsidiary, affiliate, related company or shareholder of PHI; and (iv)&nbsp;any account owed by an account debtor or its parent that has filed a proceeding for bankruptcy, reorganization,
arrangement, or any other relief afforded under the laws of any state or country or under the United States Bankruptcy Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Eligible Inventory&#148; shall mean (i) &#147;inventory&#148; (as that term is defined in the Louisiana Uniform Commercial Code), which
term shall include all Parts, owned by Obligor and which are located in the United States and are subject to a first perfected security interest in favor of Bank. The following shall not be Eligible Inventory: (i)&nbsp;inventory which is not located
upon premises owned or leased by Obligor, (ii)&nbsp;inventory stored with a bailee, warehouseman, or similar party without Bank&#146;s prior written consent, (iii)&nbsp;inventory located outside of the United States of America, and
(iv)&nbsp;inventory which Bank deems to be ineligible for any reason using reasonable credit judgment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;from
time to time, such other information as Bank may reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>3</B> of <B>7</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;All references to financial statements of PHI shall mean the
consolidated financial statements of PHI, which shall include PHI and all of its Subsidiaries, prepared in conformity with GAAP applied on a basis consistent with that of the preceding fiscal year, and annually audited and certified by a public
accountant acceptable to the Bank and shall consist of balance sheets, statements of earnings and shareholders&#146; equities, and statements of cash flow. As used herein, the term &#147;GAAP&#148; shall mean generally accepted accounting principles
applied on a consistent basis as set forth in the <I>FASB Accounting Standards Codification</I> as established and published by the Financial Accounting Standards Board in the United States of America in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;Section C (8)&nbsp;of the Agreement is hereby amended to amend and restate subsection (c)&nbsp;and (d) and to add
subsections (e)&nbsp;and (f) as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">Financial Covenants and Ratios. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**** </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Consolidated Net Worth. PHI shall not at any time permit its consolidated net worth to be less than FIVE HUNDRED MILLION and NO/100 ($500,000,000.00) DOLLARS. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Fixed Charge Coverage Ratio. PHI shall not at any time permit the ratio, calculated quarterly on a quarter by quarter basis over the life of the Revolving Line of Credit, of Cash Flow divided by Fixed Charges to be less
than 1.00 to 1.00. This covenant shall only be tested when the total of all Short Term Investments are less than $150,000,000.00 at the end of any fiscal quarter of PHI. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash Flow shall mean the consolidated net income of PHI and its subsidiaries during such period <I>plus</I> to the extent deducted in determining net income,
all provisions for any federal, state, local and/or international income taxes <I>plus</I> all interest, depreciation, amortization and rental or lease expenses (including any rent or other payments for capital leases and other leases (in the event
such capital leases or other leases are treated differently than operating leases by GAAP)) and all other <FONT STYLE="white-space:nowrap">non-cash</FONT> items of expense of PHI and its subsidiaries during such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed Charges shall mean during such period the sum of (i)&nbsp;the aggregate amount of all principal payments contractually due during such period, including
any due during such period on any long term debt of PHI and its subsidiaries, (ii)&nbsp;all interest contractually due during such period on any obligation of PHI and its subsidiaries, (iii)&nbsp;all expenses and rent owed during such period under
any lease entered into by PHI and its subsidiaries (including but not limited to capital leases in the event such capital leases are treated differently than operating leases by GAAP), (iv) all capital expenditures incurred by PHI and its
subsidiaries during such period to maintain its assets, including all of its aircrafts (excluding all capital expenditures to acquire new aircrafts and those which are acquired as a result of the exercise of a lease purchase option of aircraft
contained in any lease by PHI and its subsidiaries), provided however such capital expenditures shall be deemed to be not less than fifty (50%) percent of the consolidated depreciation expenses of PHI and its subsidiaries; and (v)&nbsp;all federal,
state, local, municipal and international charges or assessments incurred against the consolidated income, revenue, or assets of PHI and its subsidiaries and shall include all cash income taxes and franchise taxes. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Borrowing Base. At no time shall the total aggregate principal amount due on the Revolving Line of Credit Loan exceed the Borrowing Base. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Waivers. The Fixed Charge Coverage Ratio will be waived for the fiscal quarters ending on December&nbsp;31, 2017 and March&nbsp;31, 2018. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;Section C (11)&nbsp;is hereby amended and restated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(11)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness and Liens. Except (i)&nbsp;as contemplated in this Agreement or as otherwise permitted by the Bank in
writing, (ii)&nbsp;in connection with credit card agreements with Bank which </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>4</B> of <B>7</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
shall not have outstanding balances in excess of $3,000,000.00, (iii) with respect to the pledge of cash or other liquid assets as security for letters of credits issued by PHI or any of its
subsidiaries in an aggregate amount not to exceed $25,000,000.00, as contemplated in Section A(2), (iv) as permitted in the Indenture, and (v)&nbsp;debt in an aggregate principal amount denominated in US dollars not to exceed $5,000,000.00 for a
working capital line of credit for an international subsidiary of PHI (one whose principal office is outside of the United States and who is chartered in a country other than the United States) in connection with the acquisition of HNZ Group, Inc.,
neither PHI nor any of its subsidiaries (i)&nbsp;shall create any additional obligations for borrowed money, or (ii)&nbsp;mortgage, encumber, or grant a security interest in any of their assets or suffer any liens or indebtedness to exist on any of
their assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;Section G of the Agreement is hereby amended and restated as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">G.</TD>
<TD ALIGN="left" VALIGN="top">RATE OF INTEREST AND APPLICABLE FEES. All borrowings made under the Revolving Line of Credit shall accrue interest at LIBOR plus two and 75/100 (2.75%) percent. All borrowings under the Revolving Line of Credit may be
advanced or repaid at any time upon one day&#146;s notice. All advances under the Revolving Line of Credit shall bear interest at the same interest rate and only one interest rate tranche shall be permitted. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;LIBOR&#148; shall mean the One Month London InterBank Offered Rate in U.S. Dollars as calculated and published by the Intercontinental
Exchange Benchmark Administration Ltd. (&#147;ICE,&#148; or the successor thereto if ICE is no longer making a London Interbank Offered Rate available) and in effect on the first day of each calendar month. The One Month ICE LIBOR shall be obtained
by Bank from an intermediary rate reporting source such as Bloomberg, L.P. or other authoritative rate reporting source as selected by Bank, and is based on an average of interbank offered rates for one month deposits in U.S. Dollars based on quotes
from designated banks in the London market. Notwithstanding anything in this Agreement to the contrary, if the One Month ICE LIBOR as reported by Bloomberg, L.P or other rate reporting source is less than zero, then it shall be deemed to be zero
percent (0.0%). The initial interest rate based on the One Month ICE LIBOR shall be determined as of September&nbsp;1, 2016. LIBOR shall be adjusted on the first day of each calendar month.&nbsp;LIBOR is not necessarily the lowest rate charged by
Bank for any particular class of borrowers or credit extensions. PHI understands that Bank may make loans based on other rates as well. PHI may obtain the current LIBOR from Bank upon PHI&#146;s request. Bank&#146;s determination of LIBOR shall be
conclusive absent demonstrable error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Effective Federal Funds Rate&#148; shall mean, the rate per annum (rounded upwards, if
necessary to the nearest 1/100th of 1%) equal to the effective federal funds rate (EFFR) calculated as a volume-weighted median of overnight federal funds transactions reported in FR 2420 Report of Selected Money Market Rates, as published by the
Federal Reserve Bank of New York and in effect as of the first calendar day of each month, plus a margin to be determined by Bank which reasonably correlates to LIBOR plus 2.75% percent. The EFFR on November&nbsp;1, 2017 was 1.16%. The Effective
Federal Funds Rate will be adjusted as of the first day of each calendar month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Interest on the outstanding principal owed on the
Revolving Line of Credit shall be computed and assessed on the basis of the actual number of days elapsed over a year composed of 360 days at the per annum rate of interest equal to LIBOR plus 2.75% percent. If LIBOR becomes unavailable during this
Agreement, Bank will use the Effective Federal Funds Rate and if it is not available, Bank may designate a substantially similar substitute index by notice to PHI. All interest accruing under the Revolving Line of Credit shall be payable monthly in
arrears on the first day of each month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENT, UNUSED AND LOC FEES.<B> </B>PHI agrees to pay a commitment
fee of $325,000.00 to Bank on the Effective Date. PHI shall pay to Bank an annual fee, payable quarterly, equal to 1&nbsp;<SUP STYLE="vertical-align:top">&nbsp;1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>% (150 basis points) multiplied
by the face amount of any outstanding letters of credit issued pursuant to this Agreement payable on the first day of the following calendar quarter. PHI shall pay to Bank an unused fee equal to the daily principal amount undrawn under the Revolving
Line of Credit for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>5</B> of <B>7</B>
</P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
each calendar quarter multiplied by a rate equal to <SUP STYLE="vertical-align:top">&nbsp;1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">4</SUB> of 1.00% (25 basis points) payable quarterly on
the first day of the following calendar quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;In connection with the foregoing and only in connection with
the foregoing, the Agreement is hereby amended, but in all other respects all of the terms and conditions of the Agreement and all collateral documents, security agreements and guaranties (the &#147;Collateral Documents&#148;) remain unaffected.
Obligor agrees that this Fifth Amendment amends, modifies and confirms the Agreement but is not a novation of any of its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;PHI and the Subsidiary Guarantors acknowledge and agree that unless expressly stated herein, this Fifth Amendment
shall not constitute a waiver of any existing default(s) under the Agreement, the Collateral Documents or any documents executed in connection therewith, all of Bank&#146;s rights and remedies being preserved and maintained. As of the Effective
Date, PHI and the Subsidiary Guarantors hereby represent and warrant to Bank that (i)&nbsp;no default has occurred under the Agreement and there has not occurred any condition, event or act which constitutes, or with notice or lapse of time (or
both) would constitute, a Default under the Agreement, (ii)&nbsp;all representations and warranties contained in the Agreement remain true and correct in all material respects, and (iii)&nbsp;all covenants contained in the Agreement have been timely
and completely performed, except as same may have been waived in writing by Bank. PHI and the Subsidiary Guarantors further acknowledge that the Collateral Documents, including but not limited to the Subsidiary Guaranties, remain in full force and
effect and continue to secure the payment and performance of all obligations of PHI to Bank, including but not limited to the Revolving Line of Credit, whether presenting existing or in the future, in accordance with their terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;This Fifth Amendment may be executed in two or more counterparts, and it shall not be necessary that the signatures
of all parties hereto be contained on any one counterpart hereof; each counterpart shall be deemed an original, but all of which together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>6</B> of <B>7</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, this Fifth Amendment is executed as of the Effective Date. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="37%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">PHI, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">WHITNEY BANK</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Al A. Gonsoulin</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ H. Elder Gwin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al A. Gonsoulin</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Elder Gwin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SUBSIDIARY GUARANTORS:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">PHI AIR MEDICAL, L.L.C.</TD></TR></TABLE>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy P. McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trudy P. McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Manager</TD></TR></TABLE>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI TECH SERVICES, INC.</TD></TR></TABLE>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy P. McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trudy P. McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page <B>7</B> of <B>7</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g513767new.jpg" ALT="LOGO">
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>PRESS RELEASE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOR IMMEDIATE RELEASE </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DON WALL AND PHI, INC. COMPLETE THE
PREVIOUSLY ANNOUNCED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ACQUISITION OF HNZ GROUP INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MONTREAL and LAFAYETTE, LOUISIANA, December</B><B></B><B>&nbsp;29, 2017 </B>&#150;<B> </B>HNZ Group Inc. (TSX: HNZ) (&#147;<B>HNZ</B>&#148; or
the&nbsp;&#147;<B>Corporation</B>&#148;) and PHI, Inc. (The Nasdaq Select Global Market: PHII (voting) PHIIK <FONT STYLE="white-space:nowrap">(non-voting))</FONT> (&#147;<B>PHI</B>&#148;) announced today that they have completed the previously
announced statutory plan of arrangement under Section&nbsp;192 of the <I>Canada Business Corporations Act</I> (the&nbsp;&#147;<B>Arrangement</B>&#148;) involving the acquisition by Don Wall, the Corporation&#146;s President and CEO, through a
beneficially wholly-owned acquisition company (the&nbsp;&#147;<B>Canadian Purchaser</B>&#148;) of all of the issued and outstanding common shares and variable voting shares of HNZ (collectively, the&nbsp;&#147;<B>HNZ Shares</B>&#148;) and subsequent
acquisition by PHI of HNZ&#146;s offshore business conducted in New Zealand, Australia, the Philippines and Papua New Guinea. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the
Arrangement, each former holder of HNZ Shares, other than Don Wall, will receive CAD$18.70 in cash per HNZ Share. The total consideration to be paid to former holders of HNZ Shares is approximately CAD$232.6&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Canadian Purchaser and PHI have delivered to Computershare Trust Company of Canada, the depositary for the Arrangement, sufficient funds to enable the
depositary to make the payments to former holders of HNZ Shares in accordance with the terms of the Arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is anticipated that the HNZ Shares
will be delisted from the Toronto Stock Exchange in the coming days and that the Corporation will subsequently cease to be a reporting issuer in the jurisdictions in which it is currently a reporting issuer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT HNZ GROUP INC. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HNZ Group Inc. is an international
provider of helicopter transportation and related support services with operations in Canada, Australia, New Zealand, Antarctica, the United States and Southeast Asia. The Corporation operates in excess of 115&nbsp;helicopters to support offshore
and onshore charter activities under a number of different brands. Offshore operations are provided under the HNZ brand, while onshore charter operations are under the Canadian Helicopters brand in Canada, Acasta in Northern Canada and the HNZ brand
in Asia-Pacific and Antarctica. Clients consist of multinational companies and government agencies including offshore and onshore oil and gas, mineral exploration, military support, hydro and utilities, forest management, construction, air ambulance
and search and rescue. In addition to charter services, it provides ancillary services which include third-party repair and maintenance services and advanced flight training by the internationally recognized HNZ Topflight training center in
Penticton, British Columbia. The Corporation is headquartered near Montreal, Canada and employs approximately 600&nbsp;personnel from 36&nbsp;locations around the world. Revenue from offshore and ancillary operations is mostly earned evenly
throughout the year while onshore operations follow a seasonal pattern with the highest revenue occurring from May to October. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT PHI, INC. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PHI, Inc. is one of the world&#146;s leading helicopter services companies, operating over 230 aircraft in over 85 locations around the world. Known industry
wide for the relentless pursuit of safe, reliable helicopter transportation, PHI offers services to the offshore Oil and Gas, Air Medical applications, and Technical Services applications around the world. The staff of pilots and maintenance
technicians gives the company a great depth in all areas of operation and is composed of highly skilled, dedicated, hardworking and loyal employees. In addition to operations in the United States, the company has operated in 43 foreign countries and
continues to operate for customers across the globe. PHI&#146;s Headquarters are in Lafayette, Louisiana USA and PHI employs approximately 2,300 personnel globally. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This document contains
&#147;forward-looking information&#148; within the meaning of applicable Canadian securities legislation. Forward-looking information is identified by the use of terms and phrases such as &#147;may&#148;, &#147;would&#148;, &#147;should&#148;,
&#147;could&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;, &#147;outlook&#148;, &#147;target&#148;, &#147;goal&#148;, &#147;guidance&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;believe&#148;, or
&#147;continue&#148;, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>All forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to: changes in general economic, market, industry and competitive conditions; a materially adverse change in
financial condition; and other risks detailed in the management information circular of the Corporation dated November&nbsp;20, 2017 under the heading &#147;Risk Factors&#148; and in the Corporation&#146;s other filings with the Canadian Securities
Administrators, including the &#147;Risk Factors&#148; section of the Corporation&#146;s Annual Information Form for the fiscal year ended December&nbsp;31, 2016. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>All forward-looking statements are expressly qualified in their entirety by these cautionary statements. All forward-looking statements in this document
are made as of the date hereof and neither the Corporation, Don Wall, the Canadian Purchaser nor PHI undertakes any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as may
be required by applicable law. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTACTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HNZ
Group Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Matt Wright, CFA, MBA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vice
President and Chief Financial Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">780-429-6903</FONT></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PHI, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trudy McConnaughhay </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Chief Financial Officer and Secretary </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">337-272-4452</FONT></FONT> </B></P>
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end
</TEXT>
</DOCUMENT>
</SUBMISSION>
