Arabic Press Release

19th June, 2007

DAE AHEAD OF GROWTH TARGET
World-class leadership team in place and significant investment already made in first year of operation

Paris Airshow 2007: Dubai Aerospace Enterprise (DAE) is well ahead of schedule in its plan to develop an innovative global aerospace, manufacturing and services corporation, its Chief Executive Officer revealed today.

Bob Johnson, who became the company’s CEO less than a year ago, on 1st August 2006, says DAE is exceeding its initial business plan, having already:

- recruited a world class management team;

- invested or proposed to invest in the rapid growth of its DAE Manufacturing & Engineering businesses. DAE was part of a consortium that purchased the Swiss-based SR Technics, a major MRO provider in Europe and Asia. It has also entered into an agreement to purchase North American MRO providers Landmark Aviation and Standard Aero from The Carlyle Group, a transaction that is currently undergoing customary reviews by the US regulatory authorities;

- established educational programmes at DAE University and planning an extension of its curriculum this Autumn;

- signed at the Paris Airshow a new wide-ranging memorandum of understanding (MoU) with Boeing for a strategic collaboration covering aircraft services, customer education, financing and maintenance, repair and overhaul (MRO) operations.

Speaking in Paris today (Tuesday), Bob Johnson said: “In a little over 10 months we have laid down the foundation for what is fast becoming a unique and innovative global aerospace business. We have recruited a management team that would be the envy of any company, begun to invest in organic business developments and acquisitions, and driven partnerships at the highest level of our industry. Together, these will deliver a significant return for our shareholders.”

Johnson continued: “Each of our six divisional operations aims to lead their field through rapid development and innovation; whilst also leveraging the cross-company benefits that exist throughout the wider DAE group. We are living in exciting times in the aerospace industry and DAE will play a major part in its future – both in our own home market of Dubai, within the wider Middle East region and across the world.”

Johnson, himself formerly Chairman and CEO of Honeywell Aerospace, has recruited a highly experienced management team at DAE.

The organisation now has an established organisational structure in place for each of its six business divisions. The DAE Leadership Team includes:

- DAE Airports –CEO Kjeld Binger was previously Executive Vice President for the international airports operator Copenhagen Airports A/S and CEO of its subsidiary Copenhagen Airports International A/S. He has been charged with acquiring and developing airport assets worldwide.

- DAE Capital – the aircraft leasing and financing services business is being headed by its newly appointed CEO, Robert Genise. He was formerly President and CEO of Boullioun Aviation Services, which as a founding shareholder he helped to build into one of the world’s top leasing businesses, with a $3 billion asset base.

- DAE Manufacturing & Engineering – is led by CEO Rob Mionis, formerly Vice President of Honeywell Aerospace, where he had responsibility for all aspects of the Integrated Supply Chain across a network of more than 90 global factories with 19,000 employees in 14 countries. At DAE he is charged with delivering cutting-edge research & development, manufacturing and assembly; alongside a global DAE Engineering aviation maintenance operation.

- DAE Services – headed by Acting CEO Dr Kamilia Sofia, who previously spent more than two decades at the global aerospace and defence simulation and training services organisation CAE, most recently as Vice President of Strategy. DAE Services is emerging as a world class solutions provider for the aviation industry, focusing on technology-based products and services.

- DAE University – whose President and CEO Dr George Ebbs led the opening of the academic aerospace institution in October 2006. Hailed as one of the most experienced and talented individuals in aerospace academia, Ebbs was previously President of the Embry-Riddle Aeronautical University (ERAU), in Florida – one of the biggest aviation universities in the world with curricula in engineering, aviation sciences and aviation business administration. DAE University will eventually become an aviation campus for all levels of education, attracting both national and international students.