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JetBird Successfully Completes Equity Capital Raising


    JetBird, the first Pan-European, low cost executive jet taxi
    operator, today announced that it has successfully completed a private
    placement which now values JetBird at approximately EUR 101 million
    (c. US$150 million).

    JetBird has completed a private placement of EUR 21 million (US$31
    million) of equity capital with European, US, private and
    institutional investors. The placement was oversubscribed and includes
    a combination of new and existing investors in JetBird.

    Highlights

    -- Oversubscribed private placement

    -- Now values JetBird at EUR 101 million (c. US$150 million)

    -- Represents a significant uplift in valuation

    -- JetBird continues to deliver to plan:

    -- Experienced Board and management team now in place;

    -- Aircraft manufacturing programme on schedule;

    -- Uplift in value of aircraft since JetBird placed order for
    Phenom 100;

    -- Significant progress on European FBO and maintenance
    infrastructure; and

    -- Embraer Phenom 100 pilot and ground crew training facility
    established at Burgess Hill, UK.

    Proceeds from the private placement will be applied towards the
    financing of the first 25 Phenom 100 aircraft and general corporate
    purposes as JetBird continues to move toward the launch of Europe´s
    first low cost executive jet taxi operator in 2009. The fundraising
    was underwritten, arranged and completed by Claret Capital.

    JetBird Chairman, Mr Domhnal Slattery, commented "We are pleased
    to announce the successful completion of this private placement. This
    equity capital raising reflects strong support from existing
    shareholders and new investors in JetBird. As JetBird´s largest
    individual shareholder, my interests are fully aligned with those of
    our shareholders and we will maintain an unrelenting focus on the
    steps towards launch."

    He added "This capital raising represents a significant uplift in
    valuation since JetBird´s launch. This, in part, reflects the
    increased value of our order of 100 Phenom 100 aircraft following a
    number of recent price increases. JetBird is now adequately
    capitalised to sustain its medium-term objectives."

    JetBird CEO, Mr Stefan Vilner, commented, "JetBird continues to
    make significant progress towards delivering each of the key
    objectvies in its business plan. We have an established brand and are
    in the vanguard of aviation industry change - JetBird is going to
    transform private jet travel in Europe. We are applying best practice
    ´low cost carrier´ principles to our business to bring Europe´s first
    true low cost, executive jet business to market."

    He added "JetBird´s ability to deliver a premium product, at a
    lower price point, reflects our choice of the best-in-class aircraft
    in the industry. Embraer´s Phenom manufacturing and flight testing
    programme is on schedule. The Phenom programme´s continuing progress
    validates JetBird´s choice of the best-in-class aircraft from a
    manufacturer with proven commercial expertise and a track record of
    delivering aircraft on time and to a commercial, operable standard."

    He concluded "We look forward to putting in place financing for
    our first 25 aircraft later in 2007 and are on track to launch our
    service, on schedule, in 2009."

    About JetBird

    Commencing operations in April, 2009, JetBird will become Europe´s
    first true low cost executive jet taxi operator, offering a private
    jet experience at up to 50% less than current branded operators.

    With a fleet of best-in-class Embraer Phenom aircraft based at a
    number of demand centres around Europe, JetBird will transform
    European private air travel by offering on-demand private jet charter
    at a price that offers true value for money. JetBird will provide
    direct, affordable private travel to individuals and companies that
    cannot afford the time, inconvenience and expense of scheduled airline
    connections.

    About Claret Capital

    Claret Capital, founded by Domhnal Slattery in 2005, is a private
    equity 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. Claret Capital is authorised by the Financial
    Regulator under the Investment Intermediaries Act 1995.