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A Member of Bank of China Group

Press Release

SALE Acquires Second Boeing 747-400F

24 May 2002

Singapore Aircraft Leasing Enterprise (SALE) has taken delivery of its second Boeing 747- 400F under a purchase and leaseback agreement with Asiana Airlines of South Korea. The aircraft was handed over to SALE at the Boeing flight line in Seattle earlier this morning Singapore time and has since been flown to San Francisco for its first revenue flight.

The B747-400F is able to carry 110 tonnes of freight on flights of up to 4,500 nautical miles. It will be leased to the airline for a period of 12 years and will join a fleet of four B747-400Fs at Asiana, which include one aircraft managed and 50% owned by SALE.

Robert Martin, Managing Director of SALE, said that the company was pleased to enter into its second agreement with Asiana and looked forward to further business with the carrier.

“With the return to positive growth in air cargo markets, the B747-400F on long term lease to a quality airline such as Asiana remains an attractive investment and valuable addition to our portfolio,” he said.

The 12 year financing for the new aircraft is with full recourse to SALE and has been arranged by DVB Group Merchant Bank (Asia) Ltd., Landesbank Schleswig-Holstein and Hamburgische Landesbank. The arrangers are presently carrying out a limited syndication.

Established in 1993, SALE has swiftly grown to become one of the world’s leading aircraft lessors. The company currently has a portfolio of 40 modern aircraft, with another 32 on firm order from Airbus and Boeing for delivery through 2008. SALE has offices in Singapore, London, Washington D.C. and San Diego, California.

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For further information, please contact: Sean LEE
Tel: +65 6325 9557
e-mail: sean.lee@saleleasing.com

Visit the SALE website: www.saleleasing.com