CDB Aviation Delivers First of Six Aircraft to TAP

DUBLIN–(BUSINESS WIRE)–CDB Aviation, a wholly owned Irish subsidiary of China Development Bank
Financial Leasing Co., Limited (“CDB Leasing”), today announced that the
company began delivery of a fleet of six Airbus aircraft to Portugal’s
leading airline, TAP Air Portugal (“TAP”).

The first aircraft delivered to the carrier in November is a new Airbus
A321neo, which is part of a lease agreement for a total of four aircraft
of the type. The second A321neo is expected to deliver by year-end, with
the remaining two aircraft slated for arrival in 2019.

In addition, in April 2018, CDB Aviation and TAP entered into a purchase
and leaseback agreement for two Airbus A330-900neo aircraft. The two
widebodies are expected to deliver in the second quarter of 2019.

“This aircraft delivery supports our important partnership between CDB
Aviation and one of the world’s leading airlines, TAP,” said CDB
Aviation Chief Commercial Officer Patrick Hannigan. “The addition of
these narrowbody and widebody aircraft will support the carrier’s vision
of accelerated capacity growth, enabling the airline to launch new
routes. We look forward to building our ongoing close relationship with
TAP, delivering supportive financing solutions to aid its growth in the
years ahead.”

Hannigan added: “TAP is among many airlines in CDB Aviation’s rapidly
expanding global customer network who benefit from our company’s
fast-evolving and industry-leading, full-service platform. Today, CDB
Aviation boasts an in-demand portfolio and a strong orderbook for the
latest generation aircraft, capable of meeting diverse customer needs
and providing attractive near-term delivery positions.”

About TAP Air Portugal

TAP is Portugal’s leading airline, and member of Star Alliance, the
global airline alliance to offer customers worldwide reach, since 2005.
In operation since 1945, TAP celebrated 70 years on March 14, 2015, and
has completed its privatization process in 2015, with the Atlantic
Gateway Group now as new private shareholders of its share capital. TAP
hub in Lisbon is a key European gateway at the crossroads of Africa,
North, Central and South America, where TAP stands out as the
international leading carrier in operation to Brazil. The company’s
network currently comprises 83 destinations in 35 countries worldwide.
TAP currently operates about 2,500 weekly flights in average on a modern
fleet of 70 Airbus aircraft and 21 aircraft in TAP Express livery,
operating in the company’s regional network, adding up to a 91 aircraft
fleet in the whole. Within the vast restructure program currently going
across the company as the outcome of its privatization process, TAP has
announced its Network restructure, its medium and long haul fleet
renewal program as of 2017 and the retrofit of the fleet currently in
operation as well as the launch of the new branded product TAP Express,
which replaced PGA and operates a new fleet of 21 ATR 72 and Embraer 190.

In the pursuit of its customer focused policy, TAP continuously strives
to deliver safe, reliable and upgraded products services, tailored to
meet customers’ expectations. Retaining the Portuguese character of the
Company’s brand and quality service as the basic concept has been the
main driver of TAP strategy in most recent years. Recognized and awarded
as the Europe’s Leading Airline to Africa as well as Europe’s Leading
Airline to South America by the World Travel Awards in 2017, 2016, 2015
and 2014, the company was also awarded as the WTA World’s Leading
Airline to Africa in 2011, 2012 and 2018 and the WTA World’s Leading
Airline to South America in 2009, 2010, 2011, 2012 and 2018, while the
company’s In-flight magazine UP also received the WTA award as Europe’s
Leading In-flight Magazine in 2015, 2016 and 2017 and World’s Leading
In-flight Magazine in 2018. Voted Best Airline in Europe in 2011, 2012,
2013 and again in 2015 by the Global Traveler, USA, the company was also
honored by UNESCO and by the International Union of Geological Sciences
with the IYPE “Planet Earth Award 2010”, in the category of “Most
Innovative Sustainable Product”. TAP was also voted Best Airline by
Condé Nast Traveller Magazine in 2010 and Best Portuguese Tourism
Company by the specialized magazine Marketeer, in 2011.

About CDB Aviation

CDB Aviation is a wholly owned Irish subsidiary of China Development
Bank Financial Leasing Co., Limited (“CDB Leasing”) a 34-year-old
Chinese leasing company that is backed mainly by the China Development
Bank. China Development Bank is under the direct jurisdiction of the
State Council of China and is the world’s largest development finance
institution. It is also the largest Chinese bank for foreign investment
and financing cooperation, long-term lending and bond issuance, enjoying
Chinese sovereign credit rating.

CDB Leasing is the only leasing arm of the China Development Bank and a
leading company in China’s leasing industry that has been engaged in
aircraft, infrastructure, ship, commercial vehicle and construction
machinery leasing and enjoys a Chinese sovereign credit rating. It took
an important step in July 2016 to globalize and marketize its business –
listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606).