INTREPID CLOSES PRE DELIVERY PAYMENT (“PDP”) FACILITY WITH CITIBANK

Intrepid Aviation today announced the closing of a Pre Delivery Payment (“PDP”) Financing Facility with Citibank, New York, covering two (2) of its order pipeline of Airbus A330 aircraft delivering in 2014. Following the recent announcement of a PDP facility closing with Rand Merchant Bank, this transaction is the second PDP facility Intrepid Aviation entered into under its new management.

“With this facility, we are delighted to be further expanding our core banking relationship with one of the premier aviation finance institutions globally”, said Olaf Sachau, Intrepid’s Chief Financial Officer. “Our creative and innovative approach to the financing markets is core to our growth strategy for the business”.