NAS Aviation of Saudi Arabia Enters into A319-100 Sale and Leaseback with Pegasus Aviation Finance Company.

SAN FRANCISCO -- National Air Services (NAS), the Saudi Arabian-based aviation services company, and Pegasus Aviation Finance Company, the world's largest privately-held independent commercial aircraft lessor, today announced the closing of a sale and operating lease back transaction for one Airbus A319-100 aircraft.

Mr. Taher Agueel, CEO, NAS, said: "We are delighted to have the opportunity of entering into a long-term, and mutually beneficial, relationship with Pegasus. This will be the first transaction NAS has undertaken for a commercial aircraft with a lessor outside of the Gulf region. Given the prospective growth plan of NAS over the coming years, we look forward to doing more business with Pegasus."

Richard S. Wiley, President and Chief Executive Officer of Pegasus Aviation, said: "Pegasus is committed to supporting NAS's growth plans, as Mr. Agueel and his team are building an excellent business based on delivering exceptional value and customer service. We're thrilled to be a part of the dynamic growth in Saudi Arabia's air transport sector and we view this important transaction as the first of many that Pegasus anticipates in the Middle East Region."

National Air Services was formed in 1999 with a corporate vision to be recognised worldwide as the premier aviation service provider in the Middle East. The company now offers a unique portfolio of services including the following:

* One of only two licensed low-cost airline carriers in Saudi Arabia

* All Business Class VIP shuttle and charter services (branded as Al Khayala)

* Aircraft fractional ownership and leasing (under the NetJets banner)

* Aircraft Management

* Aircraft Charter

* Operational Support and Project Management (branded as OSPM)

Pegasus is one of the world's largest commercial aviation finance companies, with a fleet of over 200 commercial passenger and freighter aircraft. Based in San Francisco, with satellite offices in London, Singapore, Miami and Buenos Aires, the company services a worldwide customer base of over 90 carriers in over 45 countries. Led by Founder/CEO Richard S. Wiley, Pegasus employs 62 fleet management professionals. Pegasus provides a full suite of capital products to its airline customer base, including operating leasing, finance leasing, asset-based lending, engine finance, PDP's and derivative products, as well as fleet management and administrative services for third parties. Pegasus is a leader in next-generation technology, having become one of the first lessors to order both the Boeing 787 and the Airbus A350.