EMIRATES CLOSES US DOLLAR BOND ISSUE AT USD 1 BILLION

DUBAI, U.A.E – 1st June 2011 – Emirates has today announced the successful close of its US$ “Reg S” bond issue at USD1 billion.

The unrated issue will carry a coupon of 5.125 % p.a. fixed, payable semi-annually. It will have a five-year maturity and will be listed on the London Stock Exchange.

“This latest issue from Emirates has received an overwhelmingly positive response from a very wide range of investors, which is indicative of our financial strength. This also shows a high level of confidence in our successful business model and growth plans,” said His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.

Emirates was able to achieve attractive pricing from a wide geographical spread of investors including banks, fund managers and insurance companies, following fixed income investor meetings in Hong Kong, Singapore, Abu Dhabi, Dubai, London, Geneva and Zurich.

The Joint Lead Managers of the issue are Deutsche Bank, Emirates NBD, HSBC and Morgan Stanley.

Proceeds will be used for general corporate financing purposes.

The bond will be subject to the stabilisation rules of the FSA (Financial Services Authority, U.K.) and ICMA (International Capital Market Association).