JUNE 17TH, 2015

Intrepid Aviation Leases Two New Boeing 777-300ER Aircraft to Philippine Airlines

STAMFORD, Conn.—(BUSINESS WIRE)—Intrepid Aviation and Philippine Airlines celebrated the lease of two B777-300ER airplanes during a ceremony at the Paris Air Show.

The order adds to the six 777-300ERs the flag carrier currently operates, including one leased by Intrepid Aviation. “Today we celebrate our growing partnership with both Intrepid Aviation,” said Philippine Airlines President Jaime J. Bautista. "These additional 777-300ERs will help us continue to expand our long haul markets efficiently and economically, while providing our passengers with our signature Filipino service in the beautiful 777 interior.”

This transaction marks the first placements related to the 777-300ER order that Intrepid Aviation placed with Boeing in July 2014. “We are very pleased to expand our relationship with Philippine Airlines and to provide them with such an outstanding airplane,” added Franklin Pray, Intrepid Aviation President and CEO. "The economics and performance capabilities of the 777-300ER continue to make it very attractive for our customers who are looking to satisfy their growing capacity needs.”

Philippine Airlines has been operating in Asia for 74 years, longer than any other airline in the region. Today, Philippine Airlines and its sister airline, PAL Express, serve 30 domestic and 35 international destinations to 15 countries.