A Member of Bank of China Group

Press Release

BOC Aviation Signs Purchase-and-Leaseback Deal for Four Boeing 777 Aircraft with Air France

05 May 2009

BOC Aviation has entered into a purchase and leaseback transaction with Air France for two Boeing 777-300ER passenger aircraft and two 777-200LR freighter aircraft.  The first tranche of two freighters closed on 29 April, and the second tranche of two passenger aircraft is expected to close in June 2009.  

Pierre Vellay, Senior Vice President of Air France, said: “Air France, like many airlines, are feeling the impact of the global economic slowdown but we remain committed to providing our customers with high quality products and services.  We are pleased to work with BOC Aviation to take delivery of the new aircraft that will help us to maintain this competitive edge.” 

Steven Townend, Chief Commercial Officer and Deputy Managing Director of BOC Aviation, said the Company was delighted to welcome Air France as a new customer “Air France is one of Europe’s leading carriers and we look forward to building a long-term relationship with the airline.”

BOC Aviation is the leading Asia-based aircraft leasing company with a portfolio of 115* modern aircraft operated by airlines worldwide. In addition, the Company has 69 aircraft on firm order for delivery through to 2013.  BOC Aviation has one of the youngest fleets in the industry with an average aircraft age of less than four years.
BOC Aviation is 100% owned by Bank of China, the third largest bank in the world**.

*Excluding the second tranche of two aircraft.
**Based on market capitalization as at 31 March 2009.