CDB Aviation Delivers China’s First A330 P2F on Lease to Sichuan Airlines

Re-delivery Marks Completion of First-ever Airbus A330-300 Passenger to Freighter Conversion in China

CHENGDU, China–(BUSINESS WIRE)–#Airbus–CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”), announced today the re-delivery of China’s first-ever converted Airbus A330-300 Passenger to Freighter (“A330 P2F”) aircraft on lease to its customer, Sichuan Airlines.

The A330 was converted by Elbe Flugzeugwerke GmbH (“EFW”) with Shanghai Technologies Aerospace Company Limited (“STARCO”) at its facilities in Shanghai Pudong, concluding EFW’s first-ever A330 P2F conversion to have taken place in China.

“This re-delivery marks a significant milestone for Sichuan Airlines and China as we see the outcome of intense work and collaboration resulting in the arrival of the country’s very first A330 P2F,” asserted Jie Chen, CDB Aviation’s Chief Executive Officer. “We are grateful to the Sichuan Airlines team for trusting CDB Aviation to be a partner in supporting their innovative fleet strategy and for becoming our first A330 P2F customer in China. This aircraft will be a superb addition to their fleet as the airline continues to serve the country’s rapidly expanding air cargo market.”

The freighter, equipped with Rolls-Royce Trent 700 engines, was delivered to Sichuan Airlines on May 15, 2023, becoming the inaugural A330 P2F in the carrier’s fleet. In addition to the A330 P2F, CDB Aviation has two A320 aircraft on lease to the airline.

“We are very happy to build on our relationship with CDB Aviation and thank CEO Jie Chen and his team for their work and cooperation in bringing this aircraft to market,” said Zuyi Shi, Sichuan Airlines’ Chief Executive Officer. “The introduction of this A330 P2F will provide us more freighter capacity to meet the market requirement and further strengthen our development strategy in cargo business.”

The A330 P2F is the in-demand, next-generation aircraft in the fast-growing medium widebody space. CDB Aviation was one of the first lessors to secure conversion commitments for the A330 P2F. Since the company’s entry into the air cargo space in 2022, CDB Aviation has contracted 14 A330 P2F conversions with EFW.

“To offer conversions in China, serving the high demand in this growing market, was an important strategic decision for EFW,” commented Jordi Boto, Chief Executive Officer of Elbe Flugzeugwerke GmbH. “We are very pleased to have successfully started this journey together with CDB Aviation, our first customer with A330 P2F conversions on three continents, and we are very grateful for the trust they placed in us.”

Han Weimin, General Manager of Shanghai Technologies Aerospace Company Limited, denoted: “We are very honored to do the first A330 P2F conversion in China. It is a big challenge to us. This first re-delivery is a milestone for STARCO and the Chinese aviation industry. We will continue to re-deliver more converted aircraft to Chinese and worldwide customers.”

“The A330 P2F continues to gain traction as the preferred, next-generation medium widebody freighter. We strategically positioned our platform to be at the forefront of the A330 P2F program. CDB Aviation’s team has worked admirably in advancing this delivery and related cargo program. We are very pleased with its accelerating momentum and look forward to expanding our freighter fleet in collaboration with our partners at Airbus, ST Engineering, and EFW,” concluded Chen.

Forward-Looking Statements

This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation’s business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ”may,” “will,” “seek,” “continue,” “aim,” “anticipate,” “target,” “projected,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” “achieve” or other terminology or words of similar meaning. These statements are based on the current beliefs and expectations of CDB Aviation’s management and are subject to significant risks and uncertainties. Actual results and outcomes may differ materially from those expressed in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

About CDB Aviation

CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”) a 38-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.

CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero

Contacts

Paul Thibeau

Paul.THIBEAU@CDBAviation.aero; +1 612 594 9844