Press Release

Issued by .

May 4, 2010

Ocean Sky has signed a deal to buy one of the Monarch Engineering hangars at Luton Airport – the largest available for all private aviation customers - with the aim of making it the leading service provider for Bombardier in the UK.

Up to 10 new engineering jobs will be created following the multi-million pound purchase of the highly sought after space.

Ocean Sky has also doubled its apron area at Luton to 120,000 sq ft, giving it stand capacity for up to 20 aircraft.

The 46,000 sq ft ex-Monarch hangar will allow Ocean Sky to operate a second full engineering facility for Bombardier. It already operates one at its Manchester Jet Centre. The hangar will also provide other manufacturer opportunity at Luton

Acquisition of the 46,000 sq ft facility continues Ocean Sky's growth at Luton since opening its jet centre in April 2009.

Luton is the busiest business aviation airport in the UK and Ocean Sky has seen up to 150% increases in traffic month on month at its state of the art FBO.

The former Monarch hangar has a door height of 46 ft and can hold up to two Boeing 757s. Other configurations would allow up to two Globals, one Gulfstream, two Challengers, a Falcon and two Citations. There is also space for up to 10 offices

"This is an excellent acquisition for us, a rare opportunity at the premier UK airport and we were determined to seize it, particularly because it dramatically increases our engineering and parking capability," said Mr Stephen Grimes, Chief Executive Officer of Ocean Sky.

"Hangar capacity and engineering are vital parts of aircraft handling. There was also massive demand for us to have a second full service facility and we are delighted to work with bombardier to expand our service centre capability within the UK."

There will also be a full interiors facility at Luton, matching the Ocean Sky facility in Manchester.

"We are now a one-stop shop for parking and engineering at Luton, which is our flagship jet centre and an airport where we see continued growth for us," said Mr Grimes.

"The new hangar, taken with the additional apron and our strong growth at Luton is demonstration not just of our financial commitment to rapid expansion, but our success in attracting clients."

Ocean Sky recently announced a £10 million cash injection from shareholders to fund growth across Europe.

As part of its expansion, the company intends to increase its managed aircraft from 30 to over 40 by the end of the year.

In addition to reaching further into Europe, the company is focusing on attracting North American customers to its existing jet centres in the UK.

"There is much more to come for us this year," said Mr Grimes. "I am very clear in my mind that the future for Ocean Sky is in being able to provide consistently high service in jet centres across the world.

In addition to expanding its service facilities, Ocean Sky is also looking towards the Middle East for the first time.