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PROJECT FACT SHEET CAMEROON AIRLINES CORPORATION (CAMAIRCO)

CONTEXT
Cameroon Airlines was the national airline of Cameroon based in Douala. It operated scheduled services within Africa, Europe and the Middle East. Its main base was Douala International Airport. CamAir started operations on Nov. 1, 1971 with two Boeing 737 aircrafts between the Cameroon towns of Douala and Yaound. A service was started to Rome and Paris using an ex-Air France Boeing 707, replaced by a Boeing 747 in 1982. It was owned by the Cameroon Government (96.43%) and Air France (3.57%). In November 2006, Cameroon Airlines announced that it is the first airline in Central and West Africa to migrate their legacy communications system to SITAs Internet Protocol Virtual Private Network (IP-VPN), allowing the implementation of electronic ticketing service, which was added to passenger services portfolio Horizon, including, SITA Reservations, Ticketing, Airfare, Frequent Flyer and Credit Card Authorization. Cameroon Airlines ceased flight operations in March 2008, after an unsuccessful privatization process. This privatization falls within the framework of the Civil Aviation Sector Reform, which sets out to improve the quality of air transport services and reduce or completely eliminate State subsidies. In October 2008, a new Cameroon airline company named Cameroon Airlines Corporation (Camair-Co) was created and is expected to begin services using a Boeing 767, formerly operated by CamAir. The Government of Cameroon is the current 100% shareholder of the corporation. Headquartered in Douala, Cameroon, Camair-Co is Cameroons new airline company.

KEY DATA
The benefits of a strategic partnership with CAMAIR-CO include: Earn extensive international experience Earn significant revenue as the owner, operator, and manager of CAMAIR-CO Rely on highly experienced local employees and operate the airline at very low costs Emerge as leader in the African airline sector Positionning as the partner of choice for the future Central African airline company (Air Cemac), being created

PROJECT STATUS

CAMAIR-CO is looking for a strategic partner that will participate in the process of making operational the newly created airline company, including the acquisition of minimum infrastructure to kick start the company, such as: Acquisition of planes for the company (either full purchase or lease-to-own); CAMAIR-Co is looking forward to acquiring at least three types of planes to serve national, regional and international lines. Registration of CAMAIR-Co at the International Air Transport Association, before effectively going operational Operation and management of the airline company, including a strategic vision for the next 10 20 years Injection of equity in the company to reinforce its Balance Sheet

The Government of Cameroon wants to sell a 51% stake in the airline to a strategic partner from outside the country. The government will keep 14 percent, with the remainder going to local shareholders, including the company's employees. On June 26, 2009, the government of Cameroon announced that it plans to spend at least CFA 100 billion (CAD $250 million) for the purchase of three planes.