Completion of Sale & Leaseback of 4 Boeing 777-200 ER with Emirates

Veling, a Mauritius-based aircraft leasing company, completed the purchase from
and leaseback of four Boeing 777-200ER aircraft to Emirates Airlines. These four
B777s join the other two B777s that were purchased and leased backed to the same
airline in February 2010.

In a joint statement, Uday Nayak, Chairman and Nirvan Veerasamy, Managing
Director of Veling said “ We are gratified, by the renewed trust and confidence from
Emirates, in our ability to successfully close these transactions. We also worked
closely with three African banks and one European Bank in the financing of this deal
namely; Nedbank Capital from South Africa, DVB London Office, Bank One and the
Mauritius Commercial Bank both from Mauritius. Veling is proud to further develop its
business relationships with such prestigious banks and to acknowledge the growing
receptiveness and ability of regional banks to participate and close complex aircraft
financing transactions.

Uday and Nirvan further stated that this has been another difficult yet successful
year for Veling and its group. “We have, over the past eleven months, been quite
active in aircraft remarketing and the company successfully placed eleven
widebodied aircraft, despite a very difficult and competitive market. The group also
enhanced its asset portfolio by investing in General Aviation (Mauritius) Ltd, GAM
(www.gam.mu), a state of the art private terminal in Mauritius and in expanding this
innovative business model further with the planned construction of a second terminal
in St Kitts and Nevis in the Caribbean.”

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Veling is engaged in Aircraft Leasing, Aircraft Sales & Remarketing and Aircraft
Asset Management. It has currently a portfolio of fifteen aircraft under its ownership
and/or management including four A340-300 (on lease to Sri Lankan Airlines), two
ATR 72-500 (on lease to Kingfisher Airlines), three A310-300F (on lease to Deccan
360) and six B777-200/200ER (on lease to Emirates).