LCI Refreshes Aircraft Fleet

LCI, the global aircraft leasing company, has today announced a fleet renewal programme and has committed to acquire new aircraft worth around $750 million at list prices.

This is the first phase of LCI’s new acquisition programme to maintain one of the world’s most modern leasing fleets and follows the disposal of 20 aircraft worth approximately $1 billion to the Global Aviation Holdings Fund, an aviation lessor managed by Global Aviation Asset Management (“GAAM”).

In addition LCI is in advanced negotiations to acquire further aircraft to rebuild its portfolio.

Crispin Maunder, Chief Executive Officer of LCI, stated: “LCI is a dynamic lessor and this inevitably leads to a constant cycle of fleet renewal in a series of carefully timed acquisitions and disposals.

“We always aim to operate one of the youngest fleets in the leasing sector and to do this we need to continually refresh our portfolio. The agreement entered into with GAAM announced today leaves us extremely well placed to further develop our business. We shall be announcing further acquisitions in due course but meanwhile will maintain a close working relationship with GAAM given our strategic interest in their business.”

Matthew Beach GAAM’s Managing Director, added, “We congratulate LCI on their recent acquisitions. We are delighted to have acquired a very high quality portfolio of assets from LCI. This portfolio is highly complementary to the existing portfolio managed by GAAM. We look forward to continuing to develop our relationship with LCI as we both grow our businesses.”

These developments come as LCI commences a major recruitment programme, with a series of new appointments planned to strengthen its management team in the next few months.

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2nd Boeing for Hong Kong Express

LCI, the global aircraft leasing company, has today concluded an agreement for the lease of the second of three Boeing 737-800 aircraft to Hong Kong Express Airways. The aircraft represent the first deliveries of new Boeing aircraft by LCI.

This aircraft is the 20th in the LCI fleet that now has a total value approaching US$1.2 billion. A third Boeing 737-800 to be leased to Hong Kong Express is due to be delivered in the fourth quarter of 2007.

Crispin Maunder, Chairman and Chief Executive of LCI, said: “We are delighted to conclude this landmark agreement with Hong Kong Express, our newest customer. This is the second of three aircraft we are leasing to them, and we are confident that this marks the start of a longstanding partnership.”

Mr. Guo Yajun, President of Hong Kong Express added, “The success of our initial collaboration with LCI has been very pleasing. With this as the foundation of what I hope will become a much closer relationship, I believe there will be greater cooperation between LCI and Hong Kong Express Airways in the future.”

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LCI, the global aircraft leasing company, has strengthened its management team with the appointment of Jaspal Jandu as Vice President, Strategic Marketing and Peter Davis as Vice President, Technical Operations.

Jandu joins LCI from AWAS, where he was initially the company’s Strategic Economist, and subsequently played an integral role in its Investor Services department, providing management of advisory services to third party clients. Prior to that, he held positions with Morgan Stanley’s Aircraft Group and the Society of British Aerospace Companies.

Peter Davis brings over 40 years of aviation experience to LCI, having worked in a wide variety of engineering roles at Trans Australia Airlines, Ansett Airlines and latterly AWAS, where he was Engineering Director until 2002 when he was promoted to Vice President, Strategic Development/Engineering.

Jandu and Davis will report to Crispin Maunder, Chairman and Chief Executive Officer of LCI, and Tasos Michael, the company’s Deputy Chief Executive Officer.

Maunder says: “We are delighted to welcome Jaspal and Peter to LCI. Executives of their calibre are an essential ingredient to our business, and their extensive experience will be an important asset to LCI as we seek to grow in the years ahead”.

Lease Corporation International (LCI) was established in 2004, and now has a fleet of 20 wide and narrow-bodied aircraft valued at over $1bn. LCI’s highly experienced and well-connected management team works closely with aircraft and engine manufacturers, and with major financial institutions, to provide customer-driven solutions for airlines worldwide. The company has built an enviable reputation for providing timely and innovative aircraft leasing services.

The Dublin-based company has quickly built a global customer base that incorporates national flag carriers and major airlines such as British Airways, Air France, Iberia, Virgin Atlantic and Shanghai Airlines.

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