Guggenheim Aviation Partners Selects ST Aerospace for Boeing 757-200 Passenger to Combi Conversion

Singapore, 27 December 2010 – ST Aerospace and Guggenheim Aviation Partners, LLC (GAP) today announced that ST Aerospace has been selected by GAP to perform a passenger-to-passenger/cargo (combi) (PTC) conversion on a Boeing 757-200 aircraft for TNT Airways S.A. This PTC conversion is ST Aerospace’s first 757-200 combi conversion performed for a commercial customer, and will take place in ST Aerospace’s Singapore facility. The aircraft is expected to be inducted by end February 2011, and the converted aircraft is targeted for redelivery by end 2011.

Under this contract, ST Aerospace will provide engineering design, followed by the conversion of the passenger-carrying aircraft into a combi configuration, as well as maintenance checks during the conversion phase. The conversion primarily involves the partial removal of the passenger furnishings, installation of a side cargo door, a new cargo handling system as well as a Class C cargo compartment.

On top of this, as part of the contract, ST Aerospace will obtain Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) Supplemental Type Certificates (STCs) for the PTC conversion. These STCs will be based on ST Aerospace’s existing FAA-approved STC for the 757-200SF passenger-to-freighter (PTF) conversion, which is the only STC developed based on Boeing’s licensed passenger and freighter data.

“We are pleased to be working with ST Aerospace on this 757 passenger-to-combi conversion. We are confident that they will provide us with a dependable and high quality product which will not only meet but exceed the requirements of our customer.” ~ Stephen T. Rimmer, Chief Executive Officer, Guggenheim Aviation Partners, LLC

“At TNT Airways, we aim to provide dependable and cost effective freight services around the world. ST Aerospace’s commitment to safety, reliability and quality are in line with our beliefs and we trust that they will be able to deliver a good product. With the completed 757-200 combi aircraft and ST Aerospace’s FAA and EASA approved STCs, we will be one of the first in the world to acquire a FAA and EASA approved 757-200 combi configured aircraft. We are excited to introduce this new aircraft to our fleet.” ~ Niky Terzakis, Managing Director, TNT Airways

“We are honoured to be selected by Guggenheim Aviation Partners and TNT Airways to develop and deliver an effective combi conversion solution to meet TNT Airways’ requirements. We are thrilled to be working on a new combi conversion programme and are committed to delivering a converted combi aircraft that is economical to maintain and operate. As a PTF Centre of Excellence, we will be able to leverage our engineering design experience and expertise, and provide value added solutions to our customers worldwide.” ~ CHANG Cheow Teck, President, ST Aerospace

The combi configured aircraft will have an eight pallet main deck cargo compartment with an Ancra cargo loading system. It will be able to accommodate standard unit load devices (ULDs) and standard military pallets in any combination, together with a passenger compartment of 81 passenger seats.

This PTC programme attests to ST Aerospace’s strong engineering and design capability that complements its maintenance, repair and overhaul (MRO) expertise. ST Aerospace is a PTF Centre of Excellence and has performed numerous PTF conversions for the Boeing 727, 757-200, 767-300, DC10, MD10 and MD11 aircraft. Specifically for 757-200 PTF conversions, ST Aerospace has redelivered 50 converted aircraft to date, with a backlog of 56 aircraft.

TNT, headquartered in the Netherlands, provides businesses and consumers worldwide with an extensive range of services for mail and express delivery needs. Serving more than 200 countries and employing about 160,000 people, TNT offers efficient network infrastructures in Europe and Asia and keeps optimising its global network performance. Over 2009, TNT reported €10.4 billion in revenues and an operating income of €648 million.

Guggenheim Aviation Partners, LLC, is an investment manager, in the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Guggenheim Aviation Partners, LLC launched its first commercial aviation fund in 2005 and shortly thereafter closed its second fund in 2007. Guggenheim Aviation Partners, LLC now has in excess of $2.7 billion of commercial aviation assets under management, representing a broad range of Boeing and Airbus aircraft on lease to airlines and cargo operators around the world. Guggenheim Aviation Partners, LLC is an affiliate of Guggenheim Partners, LLC.

Guggenheim Partners is a diversified financial services firm with more than $100 billion in assets under supervision. The firm’s businesses include investment management, investment advisory, insurance, investment banking and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe and Asia.

ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering. Operating a global MRO network with facilities in the Americas, Asia Pacific and Europe, it is the world’s largest aircraft MRO provider with a global customer base that includes leading airlines, airfreight and military operators. ST Aerospace is an integrated service provider that offers a spectrum of maintenance and engineering services that include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; and aviation materials and management services, including Total Aviation Support. ST Aerospace has a global staff strength of more than 8,000 engineers and technical specialists. Please visit www.staero.aero

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