Hong Kong Aviation Completes Acquisition of Allco Aviation Business and Assets

HONG KONG, January 7 - Hong Kong Aviation Company ("HKAC"), a leading investor in the global
aviation sector, today announced that it has successfully completed the
previously announced acquisition of the Allco Aviation business and assets
from the Receiver of the Sydney, Australia based Allco Finance Group. The
Allco Finance Group went into Receivership in November 2008.

Financial terms of the transaction have not been disclosed. HKAC now owns
interests in and will manage all relevant aircraft within the former Allco
aviation portfolio.

"We are pleased to have delivered on our promise of completing the Allco
acquisition," said Stewart Smith, HKAC's Vice Chairman. "We would like to
thank the Receiver, lenders and other stakeholders for their support through
what has proved to be a challenging process. We now look forward to
consolidating the existing lease management business and building out the
Allco platform in order to achieve our goal of establishing ourselves as a
leader in the global aircraft leasing marketplace."

"We think this is a tremendous outcome for all involved," said Peter
Gothard of Ferrier Hodgson, the Receiver of Allco Finance Group. "The result
is a reflection of HNA Group and HKAC's commitment to this deal and will
provide the platform for HKAC to build a position as a major player in the
global aviation business."

HKAC plans on leveraging its strong aircraft management expertise,
immediate financing capability and partnerships with leading financial
institutions in its near term growth plans.

About Hong Kong Aviation Company

HKAC is a diversified player in the aviation industry. The firm invests
in aircraft leases and financial instruments, and also provides aircraft
management and consulting services. HKAC's mission is to prudently invest in
the global aviation sector for consistent and long-term returns, creating
value for its investors and clients alike. HKAC has a highly capable
management team with skills and experience in both the financial industry and
the management of aircraft assets. The company's Web site can be found at
www.hongkongaviation.com.

    Media Contact
    Christopher Mittendorf
    Edelman
    +1-212-704-8134
    christopher.mittendorf@edelman.com

Christopher Mittendorf, Edelman, +1-212-704-8134, christopher.mittendorf at edelman.com