Avation Regulatory News (AVAP)

AVATION PLC

("Avation" or "the Company")

Boeing, Avation PLC Deliver Philippine Airlines' 10th 777-300ER

The Board of Avation PLC (LSE: AVAP), announces that the Company has acquired and delivered into service a new Boeing 777-300ER commercial passenger aircraft.

The new Boeing 777-300ER aircraft is on long term lease at typical commercial rates for such aircraft with Philippine Airlines. The Company understands that the 777 is the world's most successful twin-engine, long-haul airplane. The 777-300ER is equipped with the world's most powerful GE90-115B commercial jet engines, and can seat up to 386 passengers in a three-class configuration with a maximum range of 7,825 nautical miles (14,490 kilometers). This represents completion of the transaction announced by AVAP on the 11th of October 2017. The aircraft is the tenth 777-300ER operated by Philippine Airlines.

Avation PLC Executive Chairman Jeff Chatfield said: "We're pleased our first twin-aisle delivery is a Boeing 777, the marquee airplane in its class. We're confident this airplane will complement our regional and single-aisle fleet and help Avation continue to grow as a full-service commercial aircraft lessor."

The full text of the relevant Boeing announcement is included below.

-ENDS-

Boeing, Avation PLC Deliver Philippine Airlines' 10th 777-300ER

Philippine flag carrier puts new airplane directly into revenue service

Marks first twin-aisle delivery for leasing company

EVERETT, Wash., Dec. 15, 2017 /PRNewswire/ -- Boeing (NYSE: BA) and leasing company Avation PLC celebrated the delivery of Avation's first Boeing airplane, a 777-300ER (Extended Range), that will be leased and operated by Philippine Airlines.

This airplane is the 10th 777-300ER for Philippines' national carrier.

"The Boeing aircraft will serve our long-haul operations, a move designed to primarily enhance the total passenger travel experience and in-flight service delivery," said Jaime Bautista, PAL president and Chief Operating Officer. "While we already have eight 777s serving the West Coast, the incoming units will also augment other trans-pacific flights." Bautista added that "the Boeing 777 is our flagship for long-haul operations. With its range and operational capability, the flag carrier will be at par with other full service carriers along the route."

"We're pleased our first twin-aisle delivery is a Boeing 777, the marquee airplane in its class," said Jeff Chatfield, executive chairman, Avation. "We're confident this airplane will complement our regional and single-aisle fleet and help Avation continue to grow as a full-service commercial aircraft lessor."

Philippine Airlines took delivery of its ninth 777-300ER earlier in the week and will use the new airplanes primarily on routes from Manila to North America. The carrier will fly the 777-300ER directly from Everett, Wash. to Vancouver, British Columbia where the airplanes will enter revenue service to Manila.

"Boeing and Philippine Airlines have been strong partners for decades and it is a special occasion today as we deliver their 10th 777-300ER," said Dinesh Keskar, senior vice president, Asia Pacific & India Sales, Boeing Commercial Airplanes. "The 777 continues to outperform by all measures, providing exceptional value to our airline and leasing customers. There is no better testament to this than Philippine Airlines' confidence in its new 777-300 by putting it directly into service with its flight from Vancouver to Manila."

The 777 is the world's most successful twin-engine, long-haul airplane. The 777-300ER is equipped with the world's most powerful GE90-115B commercial jet engine, and can seat up to 386 passengers in a three-class configuration with a maximum range of 7,825 nautical miles (14,490 kilometers).

About AvationAvation PLC is a commercial passenger aircraft leasing company, based in the United Kingdom, owning and managing a fleet of jet and turboprop aircraft which it leases to airlines across the world. The Company's customers include Philippine Airlines as well as Air France, Air India, Condor, Flybe, Fiji Airways, Thomas Cook, Virgin Australia, Mandarin Airlines and Vietjet Air. More information on Avation is available at www.avation.net.

Contacts:

Joanna PickupBoeing Communications+1 425-879-6077joanna.pickup@boeing.com

Cielo VillalunaPhilippine Airlines+63 917 570 8230cielo_villaluna@pal.com.ph

Jeff ChatfieldAvation PLCjeff@avation.net

SOURCE Boeing