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HNA Group and Africa World Airlines sign Joint Venture Agreement

AWA

On February 13th 2012, the signing of the joint venture agreement for Africa World Airlines Limited (AWA) of Ghana was held in Beijing. The ceremony marked a significant milestone in the collaborative efforts to strengthen Africa’s aviation market. The investment team brings significant experience and know how in Africa and the aviation sector. The investors consisted of the HNA Group, China-­‐Africa Development Fund, SAS Finance Group Limited and the Social Security and National Insurance Trust.

Africa World Airlines Limited will provide aviation services for domestic and international passengers as well as cargo services. During the first phase, a regional presence will be established. Two 50-­‐passenger, Embraer ERJ-­‐145’s are scheduled to be delivered at launch as the initial fleet.

AWA will base its hub and spoke operations in Accra, Ghana, which will allow efficient routing of planes to regional city destinations. AWA believes implementing the hub and spoke system through Accra will allow for the airline to quickly reach profitability targets. AWA plans to become a strong presence in this space.

About HNA Group
HNA Group Co. Limited (“HNA”) is a leading China-­‐based conglomerate with substantial interests in tourism, transportation, financial services, real estate, airport, retail and logistics. Based in Haikou and Beijing, HNA has total assets exceeding USD 30 billion and annual revenues of USD 10 billion. Please find more information at www.hnagroup.com.

About Bravia Capital
Bravia Capital is a Hong Kong based investment firm with a primary focus on transportation and logistics investments worldwide. Please find more information at braviacapital.com.

About China-­‐Africa Development Fund
The China-­‐Africa Development Fund is China’s largest Private Equity fund focusing on African Investments. Founded in 2007 with first round financing of USD $1 billion and will eventually reach USD $5 billion. The fund concentrates its investments in industries and fields, which would promote Africa’s economic development. Please find more information at http://www.cadfund.com.

About Social Security and National Insurance Trust
The Social Security and National Insurance Trust (SSNIT) is charged with administrating Ghana’s national social security pension scheme. The SSNIT is currently the largest non-­‐bank financial institution in Ghana. Please find more information at http://www.ssnit.org.gh.

About SAS Finance Group
SAS, Strategic African Securities is a Ghanaian based integrated investment bank. SAS was founded in 1994 and provides securities trading, corporate financial advisory services and investment research. Please find more information at http://www.sasghana.com.