DAE Engineering and StandardAero To Consolidate Leadership Teams

Tempe, Ariz. – August 21, 2008 – DAE Engineering and its StandardAero subsidiary have today announced the consolidation of their leadership teams. As part of the realignment, Rob Mionis currently CEO of DAE Engineering, a business unit of Dubai Aerospace Enterprise, will assume leadership of the combined management team and take on the additional position of President and CEO of StandardAero – a leading global provider of maintenance, repair and overhaul (MRO) services to the aviation/aerospace industry. Paul Soubry, currently President and CEO will become a strategic advisor to the new organization. The consolidated executive management team will operate out of the DAE Engineering/StandardAero offices in Tempe, Ariz.

“It is only a year since DAE Engineering completed the purchase of StandardAero, Landmark Aviation, Associated Air Center and TSS. In this short time we have accomplished much; successfully integrating the companies, rebranding as StandardAero, investing for future growth and creating a truly premier MRO and aviation services organization with worldwide capabilities for a wide range of aircraft,” said CEO Rob Mionis. “From the start, DAE has intended to be more than just a financial owner and this realignment reflects our philosophy of being an owner-operator. Paul has been an integral part of the StandardAero success story and we will be working together closely as we move ahead with better aligned operations and strategic planning to take advantage of the global opportunities for our company.”

“StandardAero has great people, industry reputation and market share reflecting our focus on operational and customer performance and this is the most efficient way to move forward, enhance our capabilities and market opportunities, and position StandardAero for further success,” added Paul Soubry.

StandardAero, a Dubai Aerospace Enterprise (DAE) company with $1.4 billion in annual revenue, specializes in engine maintenance, repair and overhaul, and nose-to-tail services that include airframe, interior refurbishments and paint for business and general aviation, air transport, and military aircraft. The company, part of the DAE Engineering division, forms a global services network of 12 primary facilities in the U.S., Canada, Europe, Singapore and Australia, with an additional 14 regionally located service and support locations.

About DAE: DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions – DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.

Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central – the new 140 square kilometre airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.

DAE’s shareholders include EMAAR, ISTITHMAR World, Dubai Silicon Oasis (DSO), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.