GE Aviation

--EVENDALE, Ohio - GE Engine Services and Eva Airways Corporation have executed a Memorandum of Agreement regarding the formation of an engine overhaul and aircraft maintenance joint venture, Evergreen Aviation Technologies Corporation, located in Taiwan. GE and Eva officials signed the Memorandum of Agreement on Tuesday, February 24, in Tapei. Closing of the transaction is planned to occur in June 1998, subject to execution of definitive agreements and the receipt of certain approvals.Eva, Taiwan's second-largest carrier, will be the majority owner of the joint venture. The new company, located at the Eva maintenance facility in Taiwan, will provide engine overhaul and aircraft maintenance services for Eva and other airlines from the Asia-Pacific region.GE Engine Services, the industry leader in total aviation services, in 1997 received orders worth more than $3.6 billion, representing a $1.0 billion, or 38 percent, order increase over 1996. Also in 1997, GE Engine Services won multi-year maintenance and overhaul contracts worth more than $6 billion, representing an increase of more than 45 percent over 1996.The first service provider to recognize that airlines are refocusing efforts on moving passengers and looking for outside services for engine maintenance and repair, GE Engine Services is making major global investments to provide value to customers. Recent investments, designed to help customers manage future costs, increase engine time on wing, and lower the overall cost of ownership, include:

• Acquiring Greenwich Air Services, Inc. and UNC Inc. in September 1997. Greenwich, a jet maintenance and overhaul company that services primarily large commercial engines, operates eight facilities in the United States and Scotland. UNC Inc. primarily maintains and overhauls smaller engines for corporate and military aircraft. UNC Inc. includes Garrett Aviation Services;
• Enhancing GE Engine Services' capabilities in the Pacific Rim with the creation of AERO '97, a joint venture between GE and Malaysian Airline Systems Berhad, located in Kuala Lumpur.
• Opened Airfoil Technologies Singapore, a subsidiary of Airfoil Technologies International, the joint venture between GE Aircraft Engines and Sermatech International. Airfoil Technologies maintains its headquarters in the U.S. in Cincinnati, Ohio, and operates additional plants in: Mentor, Ohio; Compton, California; and Ripley, Derbyshire, U.K. The Singapore facility, which will be able to process more than one million airfoils per year with industry-leading turnaround times, opened during the Asian Aerospace '98 air show in Singapore;
• Expanding GE On-Wing Support, Inc., a subsidiary of GE Engine Services. Providing rapid response to airline customers worldwide 24 hours a day, 365 days a year, On-Wing Support^SM will open additional sites in Dallas, New York, and Miami. On-Wing Support already operates from: Heathrow Airport in London, U.K.; Luton Airport, near London and the Greater Cincinnati/Northern Kentucky International Airport, near Cincinnati, Ohio.

With headquarters in Cincinnati, Ohio, U.S.A., GE Engine Services provides comprehensive overhaul and repair of aircraft engines, components, and accessories of GE Aircraft Engines, the engines of CFM International, the 50/50 joint company of Snecma of France and General Electric Company of the United States, as well as engines produced by other manufacturers.