25 September, 2006

TWO SENIOR EXECUTIVES JOIN THE GROWING DUBAI AEROSPACE ENTERPRISE TEAM

Dubai Aerospace Enterprise (DAE), the global aerospace, manufacturing and service corporation, has strengthened its senior management team with the appointment of two new senior executives.

Robert Mionis has been appointed as CEO of DAE Manufacturing and DAE Engineering and Michael Allgood as DAE’s Chief Financial Officer.

These senior executive appointments are a key element of DAE’s dynamic and rapid growth plan, which continued recently with its acquisition, as part of a consortium, of SR Technics. The company will form an integral part of DAE Engineering, one of DAE’s six divisions. This follows the launch of DAE University – the aerospace educational institute will open its doors in Dubai next month and will offer the first aerospace-focused business and engineering Master and Doctoral programmes in the Middle East.

DAE Chief Executive Officer, Bob Johnson, said: “These senior appointments will be instrumental to the rapid development of DAE, as both a leading business and brand on the world stage. Each has extensive experience and will play a pivotal role in placing our DAE businesses at the forefront of the global aerospace industry within the next 10 years.”

CEO of DAE Manufacturing and DAE Engineering

Rob Mionis, 43, joins DAE from Honeywell, where he served as Vice President of Integrated Supply Chain for Honeywell Aerospace. Rob was responsible for developing, implementing and leading the strategy for all aspects of the Honeywell Aerospace Integrated Supply Chain, which includes nearly 100 worldwide manufacturing and service sites. Rob has over 20 years of diverse experience in manufacturing and engineering leadership roles.

In his new role Rob will oversee the launch, growth and operations of DAE Manufacturing and DAE Engineering on a global basis, providing leadership for the overall strategic direction and leading improvements in competitiveness, quality and profitability for all areas of the business.

Chief Financial Officer

Michael Allgood will manage all financial functions of DAE, including the development of the appropriate capital and financing structures for the entire DAE portfolio.

Allgood, 57, brings over 30 years of professional experience to his role through a variety of roles with financial and banking institutions, and logistics and freight companies. He has been CFO of Emery Worldwide and Pacer Global Logistics, and was a Founding Director and CFO of aircraft leasing firm Electra Aviation. His entrepreneurial background will be instrumental in supporting DAE’s rapid growth plans.