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June 17, 2015: Singapore Technologies Engineering Ltd (ST Engineering) today announced that its aerospace arm, Singapore Technologies Aerospace Ltd (ST Aerospace) has signed agreements with Airbus Defence and Space GmbH (Airbus) and Elbe Flugzeugwerke GmbH (EFW) for a collaboration to launch the A320/A321 passenger-to-freighter (P2F) conversion programme.

This follows a similar collaboration for the A330P2F conversion programme launched in 2013.

Under the agreements, ST Aerospace will lead the A320/A321P2F engineering development, working in tandem with Airbus and EFW, with conversions to be undertaken in EFW and in ST Aerospace's global network of facilities.

As a result, ST Aerospace will be issued new shares in EFW for approximately €99m (approximately S$146.28m), comprising €3m (approximately S$4.43m) in cash at closing and €96m (approximately S$141.85m) in A320/A321P2F engineering development work (Proposed Transaction).

Following the Proposed Transaction, ST Aerospace's shareholding in EFW will increase from 35% to 55%, with the remaining 45% held by Airbus.

Subject to regulatory approvals and customary closing conditions precedent, the transaction is anticipated to close in 4Q2015.

As of today, EFW has converted more than 190 freighter aircraft for 39 customers globally. Its portfolio also includes the A300-600P2F and A310P2F.

ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering with revenue of $2.07b in FY2014. Operating a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe, it is the world's largest commercial airframe MRO provider with a global customer base that includes leading airlines, airfreight and military operators.

ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenue of $6.54b in FY2014 and ranks among the largest companies listed on the Singapore Exchange.

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