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HNA Group and Bravia Capital Acquire Significant Minority Stake in ACT Airlines

Acquisition of the Leading Turkish Air Freight Carrier Will Capitalize on Growth Potential of Regional Aviation Cargo Market

HNA Group Company Limited (HNA) of China, an integrated operator in modern service industry, and Bravia Capital (Bravia), announced that they entered into an agreement to acquire a significant minority stake in ACT Airlines. ACT Airlines is an air cargo operator based in Istanbul, Turkey. The transaction represents the strategic expansion of HNA's global footprint into the high-growth marketplace of Turkey and surrounding regions, and allows HNA to develop a cargo platform to capitalize on the growing Eurasian cargo traffic. Terms of the deal were not disclosed.

Founded in 2004, ACT Airlines has developed a fleet of 6 A300 freighters and has been operating long-term contracts for world-renowned customers, such as DHL, Lufthansa, U.K. Ministry of Defense and Chapman Freeborn among others. The company will induct 747-400 and 767 freighters into its fleet and fly a combined widebody and medium widebody strategy in both the ACMI and network segments.

ACT Airlines will join a group of strong and successful companies under the Grand China Logistics Group (GCL), the logistics arm of HNA. Created in 2007 as the first air-land-sea and conglomerate logistics company in China, GCL has total assets of over US $7 billion, and operates a cargo airline with 14 aircraft, several shipping lines operating a total of 100 ships in bulk, tanker and container segments under 8 shipping companies, and 2 shipyards.

Yangtze River Express Airlines Co., Ltd. (YZR), the airline link of Grand China Logistics has four Boeing 747-400 cargo aircraft and 10 Boeing 737 freighters. Operating nearly 30 flights per day and with capacity of 700 tons, the company provides services both domestically and internationally. YZR operates domestically for UPS and other international express operators. As part of the GCL's growth plan the group has aircraft orders including 2 A330s for GCL and 7 B777 freighters.

Mr. Bharat Bhisé, CEO of Bravia Capital, said, "This transaction represents a continuation of our strategy to invest in and grow strategic businesses in the transportation sector. We aim to develop Turkey as a center of aviation excellence and as an operational hub for the surrounding growth regions. Our immediate priority following this investment will be to strengthen the business with our existing customers and to develop new relationships with world-class partners."

Mr. Daglar Cizmeci, CEO of ACT Airlines, said, "We are very excited to be strengthening our partnership with HNA Group through their second investment in our group companies in the last six months. We believe that ACT Airlines is a perfect fit for Grand China Logistics' expansion plans outside of China and that ACT will benefit tremendously from becoming a part of the HNA family. As a result of this partnership, ACT will expand its fleet in the very near future and will also enhance the scope of its operating platform to include bases in Europe and Africa. I am also pleased to announce that following the acquisition, I am joining the Bravia team as Head of Originations, where Bravia's Istanbul Office will benefit from my insights and experience."

ACT will change its name to MyCargo.

About HNA Group

As an integrated operator in modern service industry, HNA Group Co. Limited ("HNA") owns three main pillar industries such as air travel industry, modern logistics industry and modern financial service industry, with substantial interests in aviation, logistics, finance, tourism, real estate, retail, airport management, and other related businesses. By December 2010, the total assets of the group reached over 201.46 billion RMB with the total revenue of over 64.7 billion RMB, HNA provides 90 thousand jobs for society. Please find more information at www.hnagroup.com.

About Bravia Capital

Bravia Capital is a Hong Kong based private equity and investment management entity with a primary focus on transportation projects in Europe and Asia. Please find more information at www.braviacapital.com.