1. “We managed to turn what at the beginnings seemed to be a risky endeavor into a success story of an airline with continuous and sustainable growth” Nicolae Petrov - President & CEO

2. Foundation “S.C. Carpatair S.A.” is a joint-stock company established in 1999 Mission: Serve regional market niches - The travel demand in less exploited areas of Romania and other European countries.

3. International Acknowledgement In 2005 Carpatair joined IATA as a full member after it had successfully passed the IOSA audit so becoming the first Romanian airline to do so. Carpatair is a JAR-OPS1 Operator.

4. Air Service Moritz Suter Wilson Property Dr. Georg Wiederkehr Dr. Alfred Wiederkehr Michael Pieper Lombard Odier Bank (Geneva) Nicolae Petrov Dr. Robert Briner Ownership

5. Board of Directors & Management Chairman: Dr. Georg Wiederkehr Vice-Chairman: Nicolae Petrov Members: Moritz Suter Johannes Stenberg Ion Caliman President &CEONicolae Petrov VP LegalValeriu Harcovei VP Sales / CCOPaula Ardelean VP Finance / CFOVictor Mitrofan; VP Operations/COODan Andrei VP DevelopmentAntonio Stoian

6. Fleet Fleet composed of: Fokker 100 - 3 aircraft SAAB 2000- 13 aircraft SAAB 30 - 2 aircraft

7. Fokker 100 Engine2 x RR Tay650 Wingspan28.076 m Length32.501 m Wing area93.5 sq.m Crew2+3 Seats105 Max. Payload11,105 kg Max. take-off weight44,450 kg Max. landing weight39,915 kg Take-off distance1,855 m Landing distance1,320 m Cruising altitude10,700 m

8. SAAB 2000 Max. payload5,900 kg Max. take-off weight22,999 kg Max. landing weight22,000 kg Max. cruising speed670 km/h Take-off distance1,800 m Landing distance1,020 m Engine2 x RR/Allison AE 2100A Wingspan24.76 m Length27.03 m Wing area55.70 sq. m Crew2+2 Seats50

9. With its own aircraft maintenance hangar facilities at Timisoara Airport, Carpatair secured the necessary environment for a high quality of its line and base maintenance. Carpatair maintenance organisation holds PART 145 certification (European Aviation Safety Agency standards). Maintenance

10. HUB & SPOKE concept Currently, Carpatair operates on 28 domestic and international destinations. The main focus is on the “HUB & SPOKE” operation launched back in 2000, which is the key to the company's success Timisoara airport is the most important airport in Romania’s western region serving also Eastern parts of Hungary and Serbia.

11. Daily, in the morning, airplanes from 13 destinations in Romania, Republic of Moldova and Ukraine arrive at Timisoara Airport with a 20 minutes interval. After less than 30 minutes these airplanes provide connections to West-European destinations. The afternoon wave brings passengers from West European cities to Timisoara and there after to different Romanian destinations and neighboring East- European destinations, such as Lviv in Ukraine and Chisinau in the Republic of Moldova. HUB & SPOKE concept

12. Other capabilities Carpatair had developed also a number of airline related capabilities such as passenger handling, ramp handling, catering, cargo, thus proving to have been increasingly tailor making itself to fit the ever-changing needs of the regional aviation industry. Carpatair Ground Handling Services are available on almost all airports in Romania, Ukraine (Lviv) and Republic of Moldova (Chisinau). At its European destinations Carpatair is subcontracting these services to different local providers.

13. Carpatair offers meals & beverages selection for both Economy or Business Class on its regular flights as well as for some of its partner airliners, corporate, VIP etc. having Carpatair as its catering provider. Catering Services

14. Sales and distribution Carpatair tickets may be purchased online, through Carpatair website (available by the end of the 2007), through Carpatair Call Center or through Carpatair agencies in Romania, Republic of Moldova and Ukraine. Carpatair is distributed through IATA BSPs of Romania, Germany, Italy, Ukraine, United Kingdom, France, Greece and Hungary which comprise a network of over 20 000 IATA travel agencies in Europe. Carpatair reservation system is a SITA Reservations System (GABRIEL II). Carpatair flights are available in all GDS’s: Amadeus, Galileo, Sabre, and Worldspan. Carpatair is a full member of IATA, MITA and IATA Clearing House since its very beginning. Carpatair has Interline arrangements with almost all major airlines.

15. Results speak 2.8 3.9 5.6 9.1 13.9 15.5 19.3 24.0 0 5 10 15 20 25 Thousands 20002001200220032004200520062007 Year Flights During the eight years since its foundation Carpatair was constantly increasing the number of destinations and flight frequencies. In the first six months of 2007, Carpatair transported 225,500 passengers, which is 21,5% more compared with the same period of the last year. During January-June 2007 period, the load factor stood at 62%. Carpatair closed the 2006 with a turnover of 73 million euros, 35% up over last year. Providing Carpatair continues with the same growth rate through the second half of the year, it should exceed 83 million euros turnover in 2007. * - budgeted * 36 66 100 210 294 395 508 600 0 100 200 300 400 500 600 Thousands 20002001200220032004200520062007 Year Passengers 3.9 8.7 13.9 30.1 50.3 67.0 91.9 108.7 0 20 40 60 80 100 120 Mln US$ 20002001200220032004200520062007 Year Turnover * - budgeted *

16. Have a nice flight!