Press Release

Issued by ExecuJet Haite Aviation Services.

March 26, 2012

ExecuJet Haite Aviation Services China has made progress in becoming a fully functional business jet aircraft MRO based at Binhai International Airport in Tianjin.

Since signing the joint venture in 2010 the partners have worked well together in identifying the next steps in the process towards obtaining full MRO status. A recent achievement has been the appointment as a Honeywell Dealer in Asia as announced earlier this year.

The main focus is now on building a state of the art maintenance complex which is scheduled for completion in May. The facility's approval as an EASA repair facility is well underway and the CAAC Part 145 application and approval process is at an advanced stage. With these approvals the facility is expected to receive formal accreditation as a service facility by one or more aircraft OEMs as the facility becomes operational.

Further milestones achieved towards obtaining operational status started with employing an experienced management team and key personnel such as skilled CAAC licensed engineers. These engineers have attended aircraft OEM factory training in order to be up to date with the latest technology in aircraft systems and maintenance. Additional substantial investments have been made in ground support equipment and tooling.

"ExecuJet Haite is fully committed to the business jet market in Mainland China. This is evidenced by the investment made in positioning ourselves to play a major role in the future of business aviation in China" stresses Graeme Duckworth, Managing Director ExecuJet Asia. "The impressive rate in which China's business aviation sector has grown in the past few years confirms to us that we are right in establishing a modern MRO facility here. I am proud that we are able to offer the OEMs with whom we already work in other regions of the world the same ExecuJet service in China. "