NEWS ROOM

ADDAX Bank arranging Funding for EOS Airlines Expansion Plans

Date : 05 September 2007

GCC investors attracted to investment opportunities in the premium travel industry

Addax Bank announced today it successfully led the private placement of US $50 million in equity capital to fund the expansion of Eos Airlines, Inc. With less than two years of flight operations, Eos has significantly raised the bar on transatlantic travel, designing the world’s only fleet of Boeing 757s outfitted for just 48 guests, delivering an uncrowded, stress-free travel experience, and generally proving itself a “category of one.” Addax Bank was the sole placement and investment agent.

“All key economic indicators point to future growth in premium business and high end leisure travel. We are confident that Eos Airlines will continue setting new industry standards and retain its leading position in this emerging sector. We were especially impressed by the quality of their management and the scalability of their business model,” said Yousef Al-Essa, CEO, Addax Bank. “The response from GCC investors was overwhelming, enabling us to quickly raise the required funds for Eos.''

“It was important for Eos to partner with an investment bank with regional reach and a proven track record. Addax Bank has a reputation for doing innovative, high-profile transactions with creativity and professionalism,” said Jack Williams, President and CEO of Eos Airlines.

Eos was founded in 2003 and currently operates three flights a day between New York’s JFK and London Stansted Airports. In 2007, Eos made enviable strides: expanding to 44 flights per week between New York and London, adding aircraft to its growing fleet, opening a new Eos Class lounge, Club 48, at London Stansted Airport, delivering near-perfect luggage handling, and leading would-be competitors in guest satisfaction and on-time performance.

Eos will put its fourth Boeing 757 into service in October, will take delivery of its fifth and sixth Boeing 757s within the next five months, and is set to introduce more flights and destinations in 2008.

''The Addax financing was instrumental to continue our plans to build out the Eos network and grow to a scale that will lead to strong corporate profitability,'' concluded Williams.