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PRESS RELEASE

Philippine Airlines Selects V2500 Engines for Airbus Aircraft

PARIS AIR SHOW, Tuesday, June 18, 2013

Philippine Airlines (PAL) has selected IAE International Aero Engines AG's V2500 engine to power its order for 34 A321 aircraft.

The V2500 deal includes a V-ServicesSM Fleet Hour Agreement (FHA). Deliveries are scheduled to begin in August 2013 and continue over a four-year period.

"We selected the V2500 engine for its superior fuel burn advantage and world-class reliability," said Ramon S. Ang, president and chief operating officer of Philippine Airlines. "The engines are part of a major fleet modernization program we are undertaking. We look forward to our new relationship with IAE."

"We are excited to have Philippine Airlines, Asia's first commercial airline, as a customer," said IAE President Jon Beatty. "The pairing of the V2500, a proven and dependable engine, and PAL, a well-respected operator, makes a great combination."

The V2500 remains the most preferred engine for the A321 aircraft, powering over 60 percent of the aircraft in service – and has also been selected to power over 70 percent of the aircraft in firm backlog. A321 aircraft powered by V2500 engines offer customers a significant improvement in operating cost due to the superior fuel efficiency and improved time on-wing.

About PAL: As the first airline in Asia, Philippine Airlines has been carrying people to and from the Philippines since 1941. PAL has become one of the most respected airlines around the world with a young and modern fleet of aircraft and a route network that spans 31 foreign cities and 29 domestic points.

About IAE: IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. To date, more than 5,700 engines have been delivered and more than 1,600 more engines are on order with close to 200 customers around the world.

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