GE ACQUIRES 9.9% EQUITY STAKE IN TEXL

Hong Kong Aircraft Engineering Company Limited (“HAECO”, HKSE:00044) announced today that GE Aviation (“GE”) has acquired a 9.9% equity stake in Taikoo Engine Services (Xiamen) Co. Ltd. (“TEXL”). The transaction marks a milestone in the HAECO Group / GE Aviation partnership.

Established in July 2008, TEXL is a joint venture between HAECO, Taikoo (Xiamen) Aircraft Engineering Company Limited (“TAECO”), Cathay Pacific Airways Limited and Xiamen Aviation Industry Company Limited. TEXL provides a comprehensive range of repair and overhaul services for GE90 engines, including performance restoration, quick turn and module shop visits, engine test and component repair.

In 2008, TEXL and GE Aviation entered into a long-term GE90 Branded Service Agreement (“GBSA”), which licenses TEXL as an authorised GE90TM Service Provider, GE90 Centre of Excellence and the sole holder of a GE90 GBSA in Asia. TEXL has performed engine repair and overhaul work on more than 150 GE90 engines to date, from an extensive list of GE90 operators, including Cathay Pacific, EVA AIR, Air India, GE Capital Aviation Services, China Cargo Airlines, China Southern Airlines, Emirates Airlines, Etihad Airways, Turkish Airlines, Jet Airways and Thai Airways.

Augustus Tang, Chief Executive Officer of the HAECO Group said: “This transaction marks another significant milestone in our growing partnership with GE Aviation. With GE’s assistance, TEXL has developed into a world class GE engine repair and overhaul facility, providing quality and cost effective MRO services to our customers. We look forward to working even more closely with our new shareholder to ensure that TEXL is best placed to cope with the increasing global demand for GE90 engine repair and overhaul services.”

Kevin McAllister, President and Chief Executive Officer of GE Aviation, Services said: “TEXL is an excellent partner and an important part of our global network of facilities, providing world-class maintenance, repair and overhaul for GE90 operators. Our investment will enable TEXL to continue to expand to meet growth in the GE90 fleet, providing our customers with the choice, flexibility and responsiveness that are the hallmark of our services offerings.”