PK AirFinance to open a representative office in Toulouse, France.

August 17, 2001

On September 1, 2001, PK AirFinance will open a representative office in Toulouse, France located at Bâtiment Thales, 17 avenue Didier Daurat, F-31700 Blagnac. Tel: +33-5-6731-0010. This is a three minute walk from the air terminal at Toulouse airport. Toulouse is becoming an increasingly important location for aviation business as Airbus is gaining market share. Airbus aircraft now represents 32% of PK's debt portfolio, up from 20% on January 1, 2000.

Per Waldelöf, formerly head of PK's New York branch office, will relocate to the Toulouse office and has been promoted to Head of Marketing for PK.

Paul Meijers, formerly with Airbus customer finance, will join PK AirFinance on September 1 and be based in Toulouse. PK is very pleased to have Paul on the team.

Richard Giles, who joined PK on January 1, 2001, has been promoted to new head of the New York branch. The New York office has relocated to 400, Madison Avenue, Suite 9C, New York, NY 10017, USA. Telephone remains the same, +1-212-245-2575.

In March 2001, Saida Douah joined PK as assistant vice president administration, and Tina Hongisto joined as administrative assistant.

Since General Electric's GECAS unit acquired PK AirFinance on June 9, 2000, PK has originated $1.2 billion in new business.

PK AirFinance, a unit of GECAS, provides and arranges aircraft backed debt and has head quarters in Luxembourg, a branch in New York, and a representative office in Tokyo. The company currently manages $1.7 billion of aircraft backed loans and other debt products for 140 aircraft to 50 customers.

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