Gulf Air completes sale and leaseback of two new Airbus A320-200 aircraft with Standard Chartered financing

Sunday, 27 March 2011, Manama, Bahrain - Standard Chartered Bank has successfully completed the purchase and leaseback of two Airbus 320-200 aircraft for Gulf Air, Bahrain's national carrier.

The transaction involved the acquisition of two A320-200 aircraft and the lease of the aircraft to Gulf Air, on operating leases for an eight-year period by Pembroke, a wholly-owned subsidiary of Standard Chartered PLC. The aircraft were purchased from Airbus and delivered to Gulf Air recently.

Gulf Air's Chief Executive Officer, Samer Majali said: "The deliveries of new Airbus A320-200s continue to support our leadership position as the carrier with the largest network in the Middle East. We are pleased to expand our relationship with Standard Chartered and diversify our financing relationship to support aircraft acquisition."

Jonathan Morris, Chief Executive Officer, Standard Chartered Bank Bahrain said: "Standard Chartered Bank is proud to partner Gulf Air and to support the company as it builds for the future. This transaction is an excellent example of the range of Standard Chartered's capabilities and our flexibility in providing financial solutions which meet our clients' needs."

The purchase and long-term lease of the two A320-200 aircraft, funded solely by Standard Chartered, has been structured to allow Gulf Air to have flexibility in its fleet planning. The transaction involved close cooperation between both teams to ensure the transaction closed efficiently to facilitate a speedy delivery of the aircraft to Gulf Air who put them into service immediately on its regional routes into the Middle East.

Garry Burke, CEO of Pembroke said: "The acquisition represents a significant deployment of capital with Gulf Air and this is the first transaction that the Pembroke has closed in Bahrain since being acquired by Standard Chartered in October 2007. Pembroke has been an excellent example of how the Bank is developing strong capabilities in areas which have great relevance to our clients and footprint"

For further information, please contact:

Nimmi Kamal
Head Corporate Affairs Bahrain, Standard Chartered Bank
Tel: +973 3977 0760
E-mail: Nimmi.Kamal@sc.com

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.

With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.

For more information on Standard Chartered, please visit: www.standardchartered.com

About Gulf Air

Founded in 1950, Gulf Air is the proud national carrier of the Kingdom of Bahrain. As a pioneering airline in the Middle East region with sixty years of experience and expertise in flying people across continents, Gulf Air is today one of the most powerful brands and a name to reckon with in the global aviation industry. One of the prime objectives of Gulf Air is to connect Bahrain to the Middle East countries and the rest of the world.

As such the airline currently operates the largest network in the Middle East with non-stop flights while providing seamless onward connections to other international destinations. The airline's current network stretches from Europe to Asia, connecting 47cities in 30 countries, with a fleet of 34 aircraft.

In tune with the Kingdom's economic blue print, 'Vision 2030', Gulf Air's strategy is to build an efficient, commercially sustainable and dynamic airline that effectively serves the people and the economy of Bahrain and represents the Kingdom on the world stage. Reflecting the needs and aspirations of its customers, the strategy focuses on three core areas; a targeted, more focused international network, a superior, more consistent product and a modern, more efficient fleet that will optimize value.

However, Gulf Air's goal remains unchanged: its commitment to the latest aviation technology complemented by its hallmark Arabian hospitality for which the airline is well known. Gulf Air is the Official Airline and Sponsor of the '2011 Formula 1 Gulf Air Bahrain Grand Prix' and the London-based football club 'Queens Park Rangers'.

For more information please visit www.gulfair.com

For media enquiries, please contact:

Mohammed Hulaiwah
Director Corporate Affairs and Communications, Gulf Air
Tel: +973 17338668
       +973 39632659
E-mail: mohammed.hulaiwah@gulfair.com