GE Commercial Aviation Services Agrees Terms with Virgin Express for the lease of eight new Boeing 737-700 aircraft

02 June 2000

STAMFORD, CT, USA, June 2, 2000 - GE Commercial Aviation Services (GECAS) and Virgin Express Holdings plc have agreed terms for the lease of eight (8) Boeing 737-700 aircraft. The aircraft will be delivered between July 2001 and April 2003 on eight year operating leases.

The aircraft will be powered by CFM56-7B engines produced by CFM International, a joint venture of General Electric Company and Snecma of France.

GECAS President Henry Hubschman said, "Virgin Express has been a highly valued customer of GECAS since it first commenced flying in 1996 and we are absolutely delighted with this further enhancement of our already strong business relationship".

Virgin Express Managing Director John Osborne said, "Reducing the age of our fleet in order to control costs is a vital ingredient in Virgin Express's plan to become Europe's leading low-fares airline. GECAS has demonstrated time & again that it can offer us tailor-made solutions to manage our fleet and ensure that we continue to operate the latest technology, fuel-efficient aircraft".

GECAS, with a fleet of 950 aircraft, owned and managed, is a world-class provider of aircraft and related products and services to 155 customers in 54 countries. GECAS provides airlines with a full range of fleet and financing solutions, including operating leases, sale/leasebacks, aircraft purchase and trading, finance leases, engine/spare parts financing, pilot training, fleet planning and financial advisory services. GECAS, a GE Commercial Finance company, is headquartered in Stamford, Connecticut, USA and has offices in Miami, Hong Kong, Singapore, Beijing, Vienna and Shannon, Ireland.

GE Commercial Finance, which has assets of over US$345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Commercial Finance, based in Stamford, CT, provides equipment management, mid-market and specialized financing, speciality insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified services, technology and manufacturing company with operations worldwide.

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