Deucalion aviation funds managed by DVB Bank AG has signed a Letter of Intent with Air France to acquire forward six Boeing 747-400 passenger aircraft for delivery in 2009 and 2010. Deucalion will convert the aircraft to full freighters at the IAI/Bedek conversion facility with the first aircraft expected to be available as a converted freighter from September 2009. The marketing of the aircraft as freighters is being undertaken by DVB.

Bertrand Grabowski, Member of the Board of Managing Directors of DVB Bank AG, said: "We are delighted with this significant transaction marking the first between Air France and Deucalion. Building on the strong performance of all DVB managed funds we want to further expand our investment management business – not least thanks to continued high investor demand for aviation projects. The aircraft will form the core of Deucalion's B747-400 passenger to freighter conversion business over the next five years. This new transaction consolidates further the expertise and market position that DVB has developed in the aircargo area on several initiatives with various first class partners like Cargolux, Lufthansa Cargo and DHL."

Pierre Vellay, Air France Corporate Fleet Senior Vice President, said: "This aircraft transaction has been a favourable opportunity to establish a commercial relationship with Deucalion aviation funds and DVB Bank. It allows Air France to develop its fleet orientation towards twin engine 777 aircraft long haul passenger operation, and increase the scale effect positive impact on its P&L. In addition it will provide environmental improvements in terms of global emissions and noise."

Together with other DVB managed funds in the area of shipping, rail and intermodal transport, the Deucalion aviation funds are part of DVB Investment Management, a core business unit of DVB, which was established at the beginning of 2002. The Deucalion funds invest equity in aircraft assets, airlines and aviation related interests. Deucalion is structured as an investment company where a team of investment managers, based in London, analyse investment opportunities in the aviation industry and monitor investments made on behalf of Deucalion. The Deucalion funds consist of ten, predominantly Cayman Islands-based funds which act as the investment vehicles through which DVB and a group of investors together invest in aviation equity investments. The funds also play an important role in supporting DVB's airline clients through the provision of equity solutions in their aircraft acquisition and divestment strategies. The total capital committed to the Deucalion funds by DVB and third party investors at year end 2007 exceeded USD 360 million. During 2007, the Deucalion Funds acquired a total of 22 aircraft with a combined market value of USD 1,880 million and sold 4 aircraft.

Note to Editors:
DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen/Oslo, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).

Contact:
Prof. Dr. Borislav Bjelicic, Phone +49 69 9750-4390, Fax +49 69 9750-4333, DVB Bank Aktiengesellschaft, Corporate Communications, Friedrich-Ebert-Anlage 2-14, 60325 Frankfurt/Main, Germany, borislav.bjelicic@dvbbank.com, www.dvbbank.com