Maiden Flight of JetBird Aircraft

JetBird AG ('JetBird' or the 'Company'), the first Pan-European,
low cost executive jet operator, today welcomed the maiden flight of
the first Phenom 100 Very Light Jet (VLJ), in Sao Jose dos Campos,
Brazil.

The Embraer Phenom 100, the best-in-class VLJ, flew yesterday for
the first time. The maiden flight which took place on schedule lasted
for 1 hour and 36 minutes and several manoeuvres were performed to
check the aircraft's flight characteristics and systems operations,
all of which performed in line with expectations.

A full test programme, including static and fatigue tests, will
follow the maiden flight in order to obtain Brazil's National Civil
Aviation Agency certification, which will be followed by U.S. Federal
Aviation Authority certification, prior to entering service in
mid-2008. European Aviation Safety Agency certification will be
completed in the first quarter of 2009, after which JetBird will take
delivery of its first Phenom 100.

Embraer's Phenom 100 was launched in May 2005 as a best-in-class
executive jet in the very light category. JetBird, the world's first
fleet customer for the Embraer Phenom family aircraft, and European
launch customer, has ordered 50 Phenom 100 aircraft, with options to
purchase a further 50.

Embraer's President and CEO, Mr Frederico Fleury Curado remarked,
"This is a key milestone for Embraer and a very special and rewarding
moment for the entire Embraer team."

Mr Curado added "When we unveiled the Phenom jets a little more
than two years ago, we asserted to the business aviation community our
commitment to be a long term player in the executive aviation market.
The first flight of the Phenom 100 confirms this commitment and
constitutes another step in Embraer's strategy to serve our customers
with a product line that spans the market."

JetBird CEO, Mr Stefan Vilner, commented, "As expected, the
Phenom's first flight was on schedule and successful. As European
launch customer, we look forward to receiving the first European
certified Phenom 100 in April 2009."

He added "JetBird's choice of the Phenom 100 reflects its position
as the premium aircraft in its category offering best-in-class
comfort, space and passenger facilities."

"Embraer have a proven track record of designing and manufacturing
commercial aircraft. The application of this experience to the Phenom
family of aircraft means that the Phenom 100 has lower operating
costs, higher utilization capability and higher residual value than
all other aircraft in its class."

He concluded "Each of these factors underpins JetBird's low cost
business model and the ability to offer a premium service at a
significantly lower price point than existing private jet operators."

About JetBird

Commencing operations in April, 2009, JetBird will become Europe's
first true low cost private jet airline, offering a private jet
experience at up to 50% less than current branded operators. With
aircraft based at a number of demand centres around Europe, JetBird
will offer on-demand private jet charter at a price that offers true
value for money, thus making private jet travel affordable for middle
and senior level executives and the mass affluent.

About Claret Capital

Claret Capital, founded by Domhnal Slattery in 2005, is a private
investment firm based in Dublin, Ireland. Claret Capital manages the
assets of a small number of ultra high net worth individuals and
families and has a global investment mandate. The firm has completed
investments in the Private Equity, Real Estate, Media and Technology
sectors. Claret Capital has also founded a number of new ventures
including Blue Ocean Wireless, a company focused on expanding
communication capability in the merchant maritime sector. Blue Ocean
Wireless provides, for the first time, GSM connectivity for seafarers
in deep ocean water, where no other network exists.