Iberia to Maintain Airbus A340 Engines for Olympic Airways

Madrid, March 10, 2008

Iberia has signed two exclusive contracts with Olympic Airways under which it will maintain engines and components for the Greek airline at Iberia’s installations in Madrid.

The new contracts call for the maintenance, overall inspection, and repair of up to 20 CFM56-5C4 engines and components, belonging to Olympic’s fleet of Airbus A340s.

Iberia’s maintenance division has recently added such airlines as Eurofly/Meridiana, Pluna, Privilege, ST Aerospace, Conviasa, Iberworld and Air Comet to its growing roster of outside clients.

Olympic Airways is Greece’s largest airline, and was founded in 1957 by Aristotle Onassis. It now operates a fleet of 44 aircraft, and serves 75 domestic and international destinations.

Iberia Maintenance has long and varied experience in the maintenance of airframes, engines, and components. In addition to the Iberia group, it serves more than 100 airlines and other customers, and today is the world’s ninth-largest maintenance company and leader in Southern Europe.

In 2007, Iberia Maintenance carried out a total of 1,273 aircraft inspections, including 1,002 “A” type inspections, 244 “C” type, and 27 “D” type. It also performed maintenance work on 145 engines and 34 APUs (auxiliary power units). Under the 2006-2008 strategic plan, the division is working to double its revenues from outside customers, with an emphasis on engine and component maintenance and other high added-value tasks.