Press Release

Issued by .

November 16, 2008

Prestige Jet, the fastest-growing, private jet company in the region, announced today at the Middle East Business Aviation show (MEBA 2008,) the launch of Prestige Holding, which will own, manage and operate Prestige Jet and five other subsidiary companies, all related to business aviation.

His Excellency Gaith Ben Hamel Al-Gaith, founder of Prestige Jet and Chairman of Prestige Holding, also revealed the formation of two new subsidiaries, Prestige Invest and Prestige Flight Ambulance, as well as the acquisition of the highly-respected Madrid-based aircraft management charter services operator Flylink Express, to become the Prestige Jet Spain S.A., the company's launch-pad to Europe.

Prestige Holding also announced the development of three new Fixed Based Operations (FBOs) in Qatar, Jordan and Bahrain. The company has received its Air Operator Certificate from Doha.

"This has been a banner year for us at all levels. We have experienced remarkable growth and introduced bold initiatives and enhanced services that consistently exceed our customers' expectations," H.E. Gaith Ben Hamel Al Gaith, told a news conference at MEBA. "More importantly, we have proven that, as a newcomer, we can effectively compete in today's increasingly challenging market by providing the best possible services. I am pleased to say that we remain on track with our stated strategy which has allowed us to spread our wings faster and wider than we first planned."

H.E. Gaith Ben Hamel Al Gaith said: "All this would not have been possible without the support of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of UAE Armed Forces and the support of the government of Abu Dhabi represented by Abu Dhabi Airports Company (ADAC) and its Chairman His Excellency Khalifa Al Mazrouei. We are grateful for all the support they have extended to Prestige Jet throughout its development."

Prestige Holding L.L.C. will have the following subsidiaries:

• Prestige Jet (The Charter Company)

• Prestige Jet Technique/Duncan Aviation

• Prestige Flight Support

• Prestige Flight Ambulance

• Prestige Jet Brokerage Services

• and Prestige Invest

Faris Deeb, Vice Chairman of Prestige Holding, added: "We have enjoyed exceptional growth with massive surge in our business. The utilization of our eleven-strong, multi-functional fleet is running at an average 40 per cent above target. Prestige Jet has set new standards for business aviation travel in the Middle East, and this is reflected in the explosive and sustained growth that the company is experiencing. I am delighted to announce the acquisition of Flylink Express in Spain and the formation of Prestige Flight Ambulance.

"Through our new Spanish operation, we will be able to effectively meet our fast-growing customer demand with a core base on The Continent. The acquisition offers Prestige a network of major Spanish and European air brokers and gives us an ideal position to continue our rapid expansion and capitalize on a huge market opportunity. We intend to take full advantage of this new launch-pad," added Deeb. "As we promised, we've been acting locally, and thinking globally, and it is paying off!"

Jose Fernandes, General Manager of the new Spanish operation, said: "Prestige has become a key player to contend with in the Middle East market and has become a leading innovator in the private jet travel in a short span of time. I believe that the company has a significant level of demand that will promote a very healthy business in Europe. I am delighted to have closed this deal with such a dynamic, forward-thinking Group."

Yousuf Al-Ghareeb, Business Development Director for Prestige Holding, said: "Our focus on outstanding services, customers' needs and attention to detail has bolstered our medical evacuation and repatriation services and has offered us tremendous opportunities to grow this line of business. Getting awarded the tender of the General Health Authority of Abu Dhabi is testament to the excellence of our operations. It is the official stamp of approval that Prestige is the partner of choice when it comes to medical evacuation and repatriation services."

Prestige Flight Ambulance operates aircraft that can offer the equivalent of an on-board intensive care unit, and are staffed from a pool of highly experienced paramedics who are permanently in practice.

"I am pleased to announce that we are equipping one of our Challenger 604 aircraft to become our dedicated medical evacuation and repatriation jet out of Al-Bateen airport in Abu Dhabi. This will enable us to have longer direct flights and allows more family members to accompany patients on the plane,"