XOJET Launches International Expansion and Secures Financing Agreements for up to US$2.46 Billion

Today at the European Business Aviation Convention, business aviation

leader XOJET announced financing agreements for up to $2.46 billion to

fund its North American operations and global expansion strategy. This

marks the largest publicly-announced business aircraft financing package

in history. XOJET also announced the proposed launch of a separate joint

venture with investment company Tasameem Real Estate Company, LLC

(Tasameem) to be headquartered in the United Arab Emirates´ capital city of Abu Dhabi.
The equity financing round was advised by Morgan Stanley. Multiple

investors participated in debt and equity financings including global

investors Tasameem, veteran aviation investor TPG, Export Development

Canada (EDC), White Oak Global Advisors, LLC and XOJET founder Paul

Touw. The strength of these financings reflects the high degree of

confidence that XOJET´s investors have in the

company´s U.S. management, proven business

performance and in the growing demand for business aviation services.
$964 million in immediate financing will be made available to XOJET

which has already secured more than $500 million in previous funding.

The remaining $1.5 billion in additional financing will be made

available upon launch of the planned joint venture with Tasameem, which

is expected to occur later this year. XOJET currently has 127 aircraft

and aircraft orders valued at more than $3.1 billion.
XOJET´s global expansion strategy seeks to

capitalize on the escalating worldwide demand for business jet travel.

The joint venture with Tasameem in Abu Dhabi will leverage XOJET´s

innovative operating model, stringent safety standards, and

comprehensive operating experience to bring the company´s

unique value proposition to customers traveling to, from, and within the

Gulf Cooperation Council countries and the greater Middle East region.
This comprehensive financing package will also enable XOJET to be the

first large-scale business jet operator to fund the vast majority of its

own fleet. Traditional models of business aviation have customarily

required the customer to fund the aircraft, or a fraction of the

aircraft. With this comprehensive financing package, XOJET expects to

self-finance its aircraft, removing this burden from its customers and

expanding the breadth of its product offerings.
"The dynamics of a constrained commercial

aviation system combined with the rapid rise of business opportunities

in a global economy are driving historic growth in business aviation," said Paul Touw, CEO of XOJET. "In an

increasingly diversified and worldwide marketplace, business jets are

becoming one of the most important tools for corporate competitive

advantage."
With commercial airline service under strain, business jet travel is

growing at an unprecedented rate. In the United States, the FAA March

2008 forecast predicted average flight growth of 12.2 percent annually

through 2010. The overseas business jet market is growing even more

rapidly, with aircraft manufacturers predicting that more than 50

percent of aircraft demand will come from outside of North America

according to the annual Honeywell Business Jet Forecast.
"XOJET´s business

model is changing the industry as it continues to outperform our

expectations," said David Bonderman, founding

partner of TPG. "We are excited to continue

to fund the company´s growth as it has

assembled a world-class management team that continues to execute

aggressively and successfully."
"This significant financing series has

created one of the strongest balance sheets in the industry," said Eilif Serck-Hanssen, XOJET´s CFO and

president of international operations. "Given

today´s credit markets, the magnitude and

size of these agreements suggests there is always capital for great

ideas and growth markets."
ABOUT XOJET
XOJET, Inc. is a leading provider of global business aviation services

on an all-new fleet of business jets. XOJET launched its service in

January 2006 and has quickly established itself as one of the

fastest-growing business aviation companies on record. The company

which is based in San Carlos, California, has built a fleet that will

reach 127 aircraft worth US$3.1 billion by 2012.
Most recently, XOJET has been recognized with a number of honors

including being named an Aviation Research Group/ U.S. "Model

Program" for its commitment to safety, an Inc.

Magazine "Fastest Growing Company", and a Robb Report "Best of Private Aviation" winner. For more information, visit www.xojet.com.