HUGH PARRY RETURNS TO ASTRAEUS AIRLINES LIMITED.

ASTRAEUS AIRLINES

COMMERCIAL AIRCRAFT SOURCING AND MANAGEMENT

PRESS RELEASE

October 21, 2011.

HUGH PARRY RETURNS TO ASTRAEUS AIRLINES LIMITED.

Hugh Parry, one of the founding directors of Gatwick-based aircraft management and leasing company Astraeus Airlines Limited, has returned to the business as Chief Executive.

Hugh, along with five other owner-directors, set up Astraeus in 2002 but left in 2007 to pursue ventures in India, China and across Europe. He is already in place at Astraeus’ Crawley headquarters, and takes over the role from Mario Fulgoni who left the business in August.

“It’s great to be back, and while there are exciting and challenging times across the aviation industry, Astraeus is well-placed to make the most of the environment, with an experienced and established team of people responsible for one of the most respected and reliable aircraft leasing and management offerings in the world,” said Hugh.

Hugh Parry is a UK Chartered Accountant. After qualifying with Arthur Young and working with Coopers & Lybrand and Ford Motor Company in Australia, he worked in the computer business before becoming Vice President Finance of Europe with National Semiconductors.

In 1983 he joined listed company Intasun Leisure Group plc and became a director of Air Europe in 1985, and then group finance director. Air Europe had a fleet of over 30 Boeing 757 and 737 aircraft. Following the demise of Air Europe in 1991 as a result of the Gulf War, Hugh then developed his own company – Fitzroy Aviation – which specialised in restructuring airlines around the world.

One of Fitzroy’s projects was starting British Mediterranean in 1994, which operated A320 aircraft to Beirut, Damascus and Amman. Hugh was its first Chief Executive. British Mediterranean was acquired for £30m by bmi in 2007.

Hugh has been involved at a senior level with airlines including Bahamasair, Qatar, Debonair, British World Airlines and Air Sahara in India.

Astraeus Airlines commenced operations in 2002, employs 250 people and operates a fleet of ten Boeing 737 and 757 aircraft, primarily on ACMI (aircraft, crew, maintenance, insurance) contracts with a number of airlines, including Iceland Express, Thomas Cook, Thomson and bmi. Astraeus has a worldwide Air Operator’s Certificate (AOC) 180 ETOPS and is IOSA accredited. Astraeus is a wholly-owned subsidiary of Eignarhaldsfelagid Fengur HF which also owns Iceland Express.

Ends

Further information:

Iain Macauley

+44 (0)7788 978800 / im@pressrelations.co.uk / www.flystar.com

Twitter @AEU_Astraeus

Twitter @Press-Relations