Malev Signs Sale/Leaseback Agreement With SES

July 22, 2002

FARNBOROUGH, United Kingdom July 22, 2002 Malev Hungarian Airlines has signed a sale/leaseback with Shannon Engine Support (SES) for two CFM56-3 spare engines. Under the terms of the agreement, SES has purchased the engines outright from Malev and will lease them back to the airline for two years.

SES is a wholly-owned subsidiary of CFM International (CFM). CFM is a 50/50 joint company between Snecma Moteurs (Safran Group) of France and General Electric of the United States and produces the world's best-selling commercial engine product line, the CFM56 family.

Malev operates a fleet of 15 Boeing 737-33/-400/-500 aircraft powered by CFM56-3 engines. SES specializes in flexible, cost-effective engine leasing solutions tailored to airlines' specific requirements. Spare engine leasing provide tremendous cost savings to airlines. They avoid the acquisition cost of a spare engine as well of the expense of underused assets. SES also offers guaranteed availability of spare engines, short-term engine leases, operating leases, and engine trading.

SES has a portfolio of 130 CFM56 engines, including the CFM56-3 engine for the Boeing 737-300/-400/-500, the CFM56-5A and CFM56-5B for the Airbus Industrie A320 family, the CFM56-5C for the Airbus A340, and the CFM56-7 for the 737-600/700/-800/-900. The company supports 40 customers worldwide, predominantly in Europe and China.

Jamie Jewell

+1 513.885.2282

Charles Soret

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Perry Bradley

+1 513 375 2597

Talal Ahmed Almahmood

+973 173 3819