Picks Up Eight-Plane Deal Terminated By Avion Group

Boeing announced Monday that Deucalion Capital VII Limited ("Deucalion"), a company advised and managed by DVB Bank AG, has purchased eight Boeing 777 Freighters for lease to AeroLogic, a new joint venture airline formed by Lufthansa Cargo and DHL Express.

Valued at $2 billion at list prices, the eight 777 Freighters were ordered by Avion Group of Iceland in 2005. Avion Group terminated its order and the airplanes were picked up by Deucalion in late 2007. Deucalion will lease the freighters to AeroLogic, the joint venture first announced by Lufthansa Cargo and DHL Express last year, for cargo services on European-Asian routes. AeroLogic will operate out of Leipzig, Germany.

"The 777 Freighter's twin-engine fuel efficiency, low noise and overall capability are perfectly suited for our new cargo service out of Leipzig," said AeroLogic Managing Director Dr. Thomas Papke. "Its combination of long range and maximum payload make it a highly economical and profitable freighter. I can't imagine another freighter that would work as well as the 777 Freighter in meeting our demanding environmental and performance targets."

Boeing says the 777 Freighter will be capable of flying 4,885 nautical miles with a full payload, making it the world's longest-range freighter. The aircraft will also sport the lowest trip cost of any large freighter, the planemaker claims, and excellent ton-mile economics.

"As one of the newest members of the Boeing family of freighters, the 777 Freighter is a symbol of our commitment to offering customers the most capable and efficient freighters in the world," said Marlin Dailey, vice president of Sales for Europe, Russia and Central Asia, Boeing Commercial Airplanes. "With a record 83 orders for freighters in 2007, our freighter family is recognized by customers around the world as offering superior performance. I look forward to our partnership with AeroLogic as the 777 Freighter becomes a cornerstone of its success."

With a maximum takeoff weight of 766,000 pounds, the 777 Freighter will have a revenue payload capability of more than 226,000 pounds. The aircraft is also designed to seamlessly interline with 747 freighters.

In addition, the 777 Freighter will meet QC2 noise standards for maximum accessibility to noise-sensitive airports.

FMI: www.dvbbank.com