Lufthansa Technik AG Announces Purchases of Hawker Pacific Aerospace Shares

Business Wire, Feb 25, 2002

Business Editors/Hi-Tech Writers

HAMBURG, Germany--(BUSINESS WIRE)--Feb. 25, 2002

Lufthansa Technik AG announced today that it has completed the purchases of 715,530 common shares of Hawker Pacific Aerospace from two institutional accounts and an individual shareholder at a price per share of $3.25. These purchases increase Lufthansa Technik's beneficial ownership in Hawker Pacific Aerospace from 67.4% to 73.1%.

Lufthansa Technik has advised Hawker Pacific Aerospace that Lufthansa Technik is contemplating commencing (but has not determined to commence) in March 2002 a cash tender offer for all the shares of Hawker Pacific Aerospace that Lufthansa Technik does not already own, possibly at a price per share in the range of $2.90 to $3.25.

In response to this advice, Hawker Pacific Aerospace has advised Lufthansa Technik that it has formed a special committee of independent directors to evaluate any proposal that Lufthansa Technik may make.

In acquiring an interest in the U.S. firm of Hawker Pacific Aerospace, specialists in the servicing of landing gears, Lufthansa Technik AG in September 2000 had strengthened its worldwide presence in this overhaul business. Hawker Pacific Aerospace, with nearly 500 employees, is based in Sun Valley, California, and has additional facilities in London and Amsterdam.

Lufthansa Technik, with its 21,000 employees worldwide, is one of the world's leading providers of technical services. Its clientele includes more than 300 airlines and miscellaneous operators of commercial aircraft. Its array of services encompasses maintenance and overhaul on a job-by-job basis, as well as complete servicing of entire aircraft fleets, plus technical development and design. With the premium product Total Technical Support TTS(R) Lufthansa Technik offers a package which range all the way from line maintenance to general overhauls, from the stocking of materials and parts to the training of personnel.

For more information, visit Lufthansa Technik's website at www.lufthansa-technik.com or contact:

Lufthansa Technik AG
Press and Public Relations
Tel.:              49 40 / 5070 3667
Fax:               49 40 / 5070 8534
E-Mail:  Press.PR@lht.dlh.de

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