Press Release

February 26, 2018

New York, NY
February 26, 2018

PGA Aviation LLC ("PGA") recently served as sole deal arranger and advisor to the purchaser in a transaction involving the disposition of four (4) mid-life B737-700 airplanes at the point of coming off operating lease.

The three participants in the deal were: the operator/lessee, a Chinese state-owned airline; the lessor/seller, one of the largest commercial airliner leasing companies in the world; and the purchaser, one of the leading "part-out" oriented used aircraft purchasers in the aviation industry. The first two aircraft have been delivered directly after coming off lease and flown to the purchaser's US facilities to begin disassembly.

PGA's Managing Director, Mr. Calvin Luo, states: "We are very honored to have been able to bring value to all three parties involved in this innovative transaction. It's the most recent example of how we continuously explore creative solutions to successfully address phase-out projects involving the purchase by western (primarily US) purchasers of the significant and steadily growing number of mid-life and end-of life aircraft available from mainland China carriers. PGA is working with and assisting an increasing number of Chinese airlines with such transactions. We congratulate all three participants in this particular transaction for their "can-do" attitude in working cooperatively across national and cultural differences to successfully devise and implement a workable deal structure."

PGA was formed in 2010 in New York. Since it's formation, it has done business with, and/or served as advisor to, most of the major airline groups in mainland China as well as several Chinese bank-owned leasing companies. PGA's existing client list includes private equity funds, mid-life aircraft lessors, part-out companies, P2F cargo aircraft investor, and passenger and cargo airlines, as well as association with a top-tier global appraisal firm. Completed transactions have covered new and used in-production aircraft, used out-of production aircraft, used engines, and various categories of aviation-related services.

We look forward to serving both new and existing clients, and the entire Chinese aviation industry, in bringing creative solutions to their used aircraft transaction and services needs, as well as offering consultation to both Chinese and western members of the aviation community on the challenges of dealing across national and cultural differences in business practices and perceptions.

For information about PGA's perspective on the latest trends and developments within China's aviation market, please visit the "PGA Perceptions" page on our website at www.pgaAviation.com

For further information, please contact:

Jessica Chiu
Investor Relations
PGA Aviation LLC
(212) 726-1051
jchiu@pgaaviation.com

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