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Jetstar confirms IAE V2500 Engine Order

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Jetstar Airways, a wholly-owned subsidiary of Qantas Airways, has chosen the International Aero Engines’ V2500 to power a new fleet of 50 additional Airbus A320 family aircraft, with options and purchase rights on up to 40 more aircraft.

The Engine Purchase Agreement, which is for the latest V2500 SelectOne build standard, is worth around US$1.5 billion if all the options and purchase rights are exercised. The aircraft will be distributed amongst the mainline Jetstar fleet based in Australia and New Zealand, as well as with Jetstar Asia/Valuair of Singapore that is an existing equity investment by the Qantas Group.

In addition, the airline has signed a US$2 billion long-term IAE Aftermarket Services agreement covering these new engines, and also those installed on 40 IAE-powered aircraft that the Jetstar businesses currently operate.

Bruce Buchanan, CEO of Jetstar said, “V2500 power is the backbone of our narrowbody fleet operation and this new deal, growing the relationship to include comprehensive aftermarket coverage, seals our long-standing partnership. With our commitment to minimizing our impact on the environment, selecting the engine that has the lowest emissions, lowest fuel burn and the quietest engine for the A320 has been a priority for us. V2500 SelectOne is the environmental leader on this aircraft and therefore a natural choice.”

IAE President and CEO, Ian Aitken added, “For Jetstar to retain its reputation as a cost-effective option for customers, operating expenses must be a key focus. Selecting the V2500 SelectOne, combined with an IAE Aftermarket Services agreement, will ensure that Jetstar can further minimize its cost base and also provide complete financial transparency. We’ve worked hard to ensure that customers like Jetstar can profit from a lower cost of ownership with V2500 SelectOne and our aftermarket solutions.”

The V2500 SelectOne build standard delivers an additional one percent fuel burn advantage, along with a corresponding reduction in CO2 emissions. It improves time-on-wing by up to 20%, and will be compliant with the most stringent CAEP/6 NOx standards. It entered service in October 2008.

The V2500 is available in seven different thrust settings, from 22,000 to 33,000lb, to power the Airbus A319, A320 and A321 Family of aircraft as well as the Airbus Corporate Jetliner. More than 5,500 V2500 engines are in service or on firm order around the globe.

IAE is a multinational aero engine consortium whose shareholders comprise of Pratt & Whitney (NYSE: UTX), Rolls-Royce (RR.L.), Japanese Aero Engines Corporation and MTU Aero Engines.

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