PRESS RELEASE    04-12-2007

DORIC ARRANGES AIRCRAFT LEASE WITH VIRGIN

The first of two Airbus A319-112 aircraft has been delivered to Virgin America. The purchase price of the first aircraft (MSN3324) was USD 36.78m; that of the second aircraft (MSN3347) was USD 37.16m.

Virgin America sets the trend
The United States with their strong transcontinental air traffic is a particularly suitable market for short- to midrange aircraft. According to Boeing the use of this aircraft size in the US has risen by 500 since 2000. A new generation of airlines, operating mainly in the low cost market segment is now establishing itself. One of these is Virgin America, an affiliate of Richard Branson’s Virgin Group. The company has signed long term leases for two A319-100 aircraft arranged by Doric Asset Finance.

Investment asset
The A319 is one of the most successful models of the European manufacturer Airbus. With a range of 3,350km to 6,800km the aircraft offers great flexibility. It is ideal for Virgin America’s route map which connects the hubs of New York and Washington DC on the east coast with San Francisco and Los Angeles in the west. Further destinations (i.e. San Diego) have been announced.

The efficient CFM engines also make this aircraft attractive. In view of rising oil prices, many older models are currently being replaced by the A319-112. Worldwide 1010 aircraft are in use, a further 564 orders have been received by Airbus.

Although Virgin America operates in the low cost segment, the airline gives the customer experience top priority. Cabins are fitted with ‚RED‘ – a state-of-the-art In-Flight Entertainment System, that offers passengers instant-messaging, 3000 songs for download, live television and feature films.

Doric Aircraft Expertise
Doric arranges long term aircraft leases with stable cash flows for investors. Although the youngest offshoot of the Virgin Group, Virgin America is seen as a lessee with strong potential. The long term lease (10 years with extension options) without operating cost risks and the moderate leverage with fixed interest represent further safety features of this investment.

The expertise of the Doric team is based on over a decade in aircraft leasing. Doric is active on an international level and has close contacts within the industry. Since the early 1990s the team has arranged and structured over 50 lease transactions with renowned airlines. Currently Doric Asset Finance is engaged as the asset manager for 10 aircraft.

With the Virgin America operating lease Doric Asset Finance arranges the fifth and sixth aircraft this year.

Press Contact: Sarah Glienke, Press and Communication, Doric Asset Finance
Email: sarah.glienke@doricassetfinance.com | Tel: 020 7621 6515