Arabic Press Release

28th December , 2008

DAE CAPITAL SIGNS UP AIR NEW ZEALAND

Dubai-based aircraft leasing business expands portfolio with extended-range Boeing 777s.

DUBAI, UAE - DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), has signed a long-term leasing agreement with Air New Zealand for two Boeing 777-300 Extended Range aircraft.

DAE Capital has signed up the New Zealand flag carrier in a sale and leaseback financing agreement. The deal will see two new Boeing 777-319ER aircraft join DAE Capital’s fast growing fleet portfolio, with a lease term of 12 years.

Representing two of Air New Zealand’s four aircraft on order with Boeing, the B777-319ERs are due for delivery in January and March 2011 and both aircraft will be equipped with GE 90-115BL engines. Air New Zealand currently operates 50 jet aircraft on routes to 32 city destinations in 16 countries.

H.E. Dr. Omar Bin Sulaiman, DAE Group Managing Director, said: “In a short space of time, DAE has grown to represent a major force in the aerospace sector, and this latest agreement is testament to the trust and confidence operators have in our world-class leasing capabilities.”

Bob Genise, CEO of DAE Capital, said: “We are delighted to sign up Air New Zealand with this leasing agreement. It represents further evidence of how our attractive leasing proposition can readily benefit airlines by improving both cash flow and fleet management.”

Mr Rob McDonald, Air New Zealand CFO, said: “the airline was pleased to conclude the agreement and looked forward to a constructive relationship with DAE Capital”.

DAE Capital currently has a leasing fleet comprising of 33 aircraft. It also has more than 200 Boeing and Airbus aircraft on order, with deliveries commencing in 2010. The Dubai-headquartered company is rapidly establishing itself as a world-class aircraft leasing business.