StandardAero Officially Breaks Ground on Turbine-Engine-Overhal Facility Expansion

Winnipeg, Canada – August 7, 2008 – Due to growth in turbine-engine-overhaul contracts, StandardAero, a DAE Engineering company, is celebrating the official ground breaking of an 80,000 square foot expansion to their Winnipeg facilities to accommodate the expected engine throughputs. The expansion is timed with several large contract wins and the large volume of engine maintenance associated with those contracts. After securing agreements with several airlines, the company is now at a stage where additional production space is required.

“When we entered the CF34 maintenance, repair and overhaul business seven years ago, we anticipated the need to expand the facilities at some point in the future, building it into our business plan,” said StandardAero President and CEO, Paul Soubry. He added: “Our business has now grown to the point where capacity was becoming an issue. It is a great opportunity for the business and our employees, as well as the local community.”

At the groundbreaking ceremony Manitoba Premier Gary Doer announced the province is helping to finance the expansion with a $20 million, fully repayable interest bearing loan through the Manitoba Industrial Opportunities Program, as well as examining what additional training opportunities are available through Red River College.

“The expansion announced today reinforces and solidifies StandardAero’s presence in Manitoba,” said Doer. “The aerospace industry is a driving force in creating highly-skilled,knowledge-based jobs that are critical to our provincial economy. This will enhance Manitoba’s position as a leader in the highly-specialized area of aircraft manufacturing and maintenance.”

The expansion will also require the addition of new employees. Current plans call for 60-120 new employees by the end of 2009, with potential for another 150-200 by 2014. The expanded facility is scheduled for completion by June 30, 2009.

StandardAero provides complete maintenance, repair and overhaul on General Electric CF34-series engines, including both scheduled and unscheduled maintenance. These engines are used on Bombardier CRJ -100, CRJ-200, CRJ-700 and CRJ-900-series aircraft, as well as the Challenger and Embraer 170s. Turbine-engine maintenance, repair and overhaul consists of disassembly of the engines, inspection of the disassembled parts, acquisition and repair of parts, reassembly of the engines and testing of the completed engine assembly.

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 – Airports, Capital, Engineering, Manufacturing, Services and University. Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and produce an integrated aerospace cluster based at Dubai World Central – the new 140 square kilometer airport and logistics city. 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, Dubai Airport Free Zone Authority (DAFZA), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.