2011 ANNUAL REPORT OF AVIA SOLUTIONS GROUP

2011 ANNUALREPORT OF

AVIA SOLUTIONS GROUP

TABLE OF CONTENTS

1. CEO'S WORD.

2. ABOUT AVIA SOLUTIONS GROUP

3. RESULTS

4. MARKET

5. CORPORATE GOVERNANCE

6. SHARES AND SHAREHOLDERS

7. INFORMATION

a) Company in Brief

b) Business Philosophy

c) Main Brands and Services

d) The Group

a) Key Indicators

b) Operating Figures

c) Important Events

a) Overall Company Profile by Business Segments

b) Aircraft Maintenance, Repair and Overhaul (MRO)

c) Aircraft Ground Handling and Fueling

d) Charter Operations

e) Pilot and Crew Training

a) The Board

b) Top Management

c) Personnel

a) Contacts

One stop shop for aviation services

1. CEO'S WORD

Despite the challenges that faced the entire aviation

industry in 2011, Avia Solutions Group focused on expanding its

capabilities.

With the aviation industry still on the path of recovery the

Group significantly increased its capabilities in most of the

business sectors last year. The total consolidated Group's revenue

for 2011 was LTL 477 million – 57% more than in 2010.

We accelerated the expansion of passenger and aircraft

handling as well as into-plane fuelling services in Lithuanian and

Polish airports. With the 10 years' lease of the fuelling facilities in

Vilnius we have ensured continuous fuel supply to the company's

bases in Vilnius, Warsaw, Krakow and Katowice airports. A 43 %

increase in the scope of the company's activities related to ground

handling and fuelling services reflects the rapidly expanding list of our clients.

In the segment of flight crew training services the group recorded a 109% increase. An LTL 11

million boost in revenues can be largely attributed to the acquisition of the second real flight simulator.

However, the largest growth in the overall scope of the Group's business activities was

determined by the successful investment into the sector of MRO services. Due to the increased base

maintenance capabilities and the extended business of spare parts and consumables, as well as the

newly launched services of engine management, the total revenues jumped 101 per cent.

With the rapidly growing capabilities in all group sectors, last year Avia Solutions Group AB and

its subsidiaries earned the net profit of LTL 8.7 million. A considerable percentage of the activities' costs

were accrued from the global geographical expansion in ground handling and adverse events in

charter operations, job-creation as well as expenses for salaries and taxes. In 2010 the group

employed 600 people whilst in 2011 the number reached almost 1100. The group was expanded to

the extent that will enable to capitalize on the strategic development implementation.

The overall positive context shows that despite the lower net profit, not only did the group

proceed with the planned long-term investment but also continued to successfully implement its long-

run strategic objectives. After acquiring the UK-based Storm Aviation Limited the company started

providing line maintenance services for not only narrow but also wide body aircraft in 20 line stations

across Europe and the CIS – 11 more stations than in 2010.

Linas Dovydėnas,CEO of Avia Solutions Group


The successful debut in the Warsaw Stock Exchange (WSE) and the resulting increase in funds

allowed the group to not only invest in the development of its business sectors but also address new

markets and strengthen the strategic position in the already serviced regions. For the upcoming 2012

we have set our eye on the Asian-Pacific as the primary target region for the further expansion of group

business activities thus last year we opened a new office in Kuala Lumpur, Malaysia.

Last year the air transportation market was still among the global aviation sectors mostly

affected by the recession. Despite the massive challenges we carried 58.8% more passengers than in

2010, while the number of flights increased by a whopping 261%.

As regards the business aviation sector, we started to serve Hawker 700-900XP business jets,

introduced the aviation personnel lease services, and expanded the network of aircraft spare parts and

components platform Locatory.com users. Another significant step forward was gaining the trust of the

largest aircraft manufacturer Boeing which invited the company to participate in its prestigious

Goldcare program, open to only the most reputable and trustworthy services providers in the world.

The program is designed to ensure the top quality maintenance services for the new generation 787

Dreamliner and 737 NG aircraft, granting the program clients the flexibility of maintaining their

aircraft in a number of different geographical locations.

The tasks completed in 2011 allow us to view the future of the group and its companies with

great confidence. Our business is diversified, therefore stable. We operate in the four main aviation

market segments which bring profit each year. By implementing our versatile long-term growth

strategy we will continue sustanable growth geographically, invest in new business projects, develop

new services and consistently work towards achieving our goal, which is to become the global provider

of integrated 'one stop shop' aviation services with a local touch.

General Manager

Linas Dovydėnas


2. ABOUT AVIA SOLUTIONS GROUP

Avia Solutions Group AB is a group of companies globally providing aviation business solutions for aircraft owners and operators offering integrated aircraft maintenance and repair, crew training, technical training, ground handling and fuelling, charter flights, crew leasing, and other aviation related services.

Shares of Avia Solutions Group AB are listed on the Warsaw Stock Exchange (ticker- AVIASG).Via the services of its subsidiaries the group acts across Europe, the CIS and Asia- Pacific regions

with its representative offices located in Lithuania, Poland, Italy, United Kingdom, Russia and Malaysia. The Head Office is situated at Smolensko st. 10, Vilnius, Lithuania.

The group provides a wide range of aviation services and thus generates big cross-selling opportunities. Moreover, being cost-effective, all subsidiaries have a competitive edge over its competitors.

The group operates in four business segments:§ aircraft maintenance, repair and overhaul (MRO) § pilot and crew training & aviation staff leasing § charter operations § aircraft ground handling and fuelling

a) What Is Avia Solutions Group?

b) Business Philosophy

One- stop- shop for the integrated aviation services.

To create value for shareholders and customers by providing professional and high quality of aviation related services.

Our activities are based on these values:§ – we explore every situation with precision and treat every case uniquely

when creating solutions.§ – we take 100% responsibility for our solutions and services.§ – we work without any prejudices. That is the major success factor in finding the best

way to improve any situation.

Professionalism

ResponsibilityFlexibility

VISION

MISSION

VALUES


c) Main Brands and Services


d) The Group (effective holding of the companies in %)

AVIA SOLUTIONS GROUP AB

100 % of FL Technics AB (Lithuania)

100% of FL Technics Jets UAB (Lithuania)

100% of FLT Trading House UAB (Lithuania)

100% of Storm Aviation Ltd. (United Kingdom)

100% of FL Technics Line OOO (Russia)

99% of FL Technics Ulyanovsk OOO (Russia)

95% of Locatory.com UAB (Lithuania)Aircraft maintenance, repair and overhaul (MRO)


100 % of Baltic Ground Services UAB (Lithuania)

100 % of Baltic Ground Services Sp.z.o.o. (Poland)

100 % of Baltic Ground Services S.r.l. (Italy)

100% of Baltic Ground Services UA TOV (Ukraine)

100% of Ground Handling CIS UAB (Lithuania)Aircraft ground handling and fuelling

95.5 % of Small Planet Airlines UAB (Lithuania)

95.5 % of Small Planet Airlines Sp.z.o.o (Poland)

85.5 % of Small Planet Airlines S.r.l. (Italy)Charter and ACMI flight

100 % of Baltic Aviation Academy UAB (Lithuania)Pilot and crew training

91 % of Aviationcv.com UAB (Lithuania)Aviation staff leasing

3. RESULTS

a) Key Indicators

b) Operating Figures


c) Important Events

In 2011 Avia Solutions Group AB and its subsidiaries (hereinafter – the Group) earned net profit

of LTL 8.7 million. Comparing with 2010 the income of the Group has increased by 56.7% up to LTL 477

million. Results were generated primarily as a result of strategic decisions made and operational plans

implemented. These measures were taken in order to increase the Group's profitability in the

upcoming periods.

The Group focused on obtaining additional licenses and further business development.

Key events during 2011 are summarized below:


March

February

January

May

Baltic Ground Services Sp.z.o.o.

FL Technics Jets UAB

started to

provide aircraft re-fuelling services in Poland, in

Krakow John Paul II International Airport.

received Aircraft

Maintenance Organisat ion Approval

Certificate in Bermuda and Certificate of

Acceptance in Aruba.

April


FL Technics Jets UAB

FL Technics AB

signed an

agreement with a leading European low-cost

carrier Wizz Air to provide integrated ground

handling services at Warsaw Frederic Chopin

airport.

received EASA Part-145

certification, which allows the company to

provide repair and maintenance services for

Hawker Beechcraft 700/ 750/ 800/ 800XP/

850XP/ 900XP aircraft family.

has signed an agreement with

Ukraine International Airlines to provide base

maintenance services for the clients of FL

Technics.

Baltic Aviation Academy UAB

Baltic Ground Services UAB

expanded its

capability list by adding Boeing 747-400 type

rating courses.

was granted an

aviation fuel supply licence for Poland. The

licence is valid until the end of year 2030.

FL Technics UAB serviced first Airbus A320

aircraft.

On 3 March 2011 shares of

were introduced to trading at Warsaw

Stock Exchange (code: AVIASG)

starts

providing ground services at Warsaw Frederic

Chopin airport.

Avia Solutions

Group AB


October

August

June

FL Technics AB

FL Technics AB

Small Planet Airlines s.r.l.


Locatory.com UAB


received Part M certificate, which

allows the company to manage continuing

airworthness of the Embraer EMB- 135/145

family aircraft.

signed engine maintenance

provision agreement with airline base in Russia

worth USD 11 million.

has completed the

process of obtaining the Italian Air Operator's

Certificate.

signed an

agreement with the largest Ukrainian carrier

AeroSvit.

launched a global online

aviation spare parts platform www.locatory.com.

started into-

plane fuelling service at Katowice International

Airport.



started

providing into-plane fuelling services for its new

client Norwegian Air Shuttle ASA at the John Paul

II International Airport in Krakow.

signed an

agreement with CAE. Baltic Aviation Academy

UAB will lease an Airbus A320 FFS from CAE and

relocate it to Vilnius, Lithuania.


FL Technics AB

obtained an

approval certificate allowing the academy to

introduce Bombardier Dash 8Q-400 type rating

training courses.

has acquired 7 Boeing 737-300

aircraft from AirAsia, global low cost airline, for

tear down into parts and components.

FL Technics AB

FL Technics Ulyanovsk OOO

launched cabin modification

and reconfiguration services on two brand new

long-range Boeing 737-800 and cabin

refurbishment services on Boeing 737-300 for

Transaero Airlines.

was granted a

residence certificate for operating within the free

economic zone in Ulyanovsk, Russia.

Baltic Ground Services UAB

FL Technics AB

signed a long-

term contract with State Enterprise Vilnius

International Airport (VNO) for the 4000 cbm

capacity fuel facility leasehold for the annual fee

of LTL 652 thousand.

has signed an agreement with

Boeing to support its aircraft, including the

Boeing 787 Dreamliner, under the GoldCare

programme.

July



4. MARKET

The group operates in four business segments: Aircraft Maintenance, Repair and Overhaul (MRO), Aircraft Ground Handling and Fueling, Charter operations, Pilot and Crew Training.

Avia Solutions Group: Sales breakdown by segments in 2007-2011 ln % (lhs), LTL in millions (rhs)

a) Overall Company Profile by Business Segments

Avia Solutions Group: Sales geographical segmentation in 2011 in %


b) Aircraft maintenance, repair and overhaul (MRO)

Clients and Partners Network, 2011

Activities in MRO business segment are conducted by

and include:

§ Base maintenance services

§ Line maintenance services

§ Engineering services

§ Spare parts and consumable sales

§ Technical training and consulting services

§ Engine management services

§ Other MRO services

FL Technics AB, FL Technics Jets UAB,

Locatory.com AB, Storm Aviation Ltd


MRO business segment: Sales geographical segmentation in 2011 in %

Key Events in MRO Business Segment during 2011:

§ Expansion of hangar capacity by signing agreement with Ukraine International Airlines

§ FL Technics Jets receives EASA Part-145 certification that was also approved by Bermuda and

Aruba

§ Extension of capabilities by adding Embraer EMB-135/145, Part M

§ Commencement of engine maintenance management services

§ Locatory.com launches online 24/7 aviation spare parts trading platform

§ Acquisition of 7 Boeing 737-300 aircraft for part out

§ Cabin Interior Modification and Reconfiguration performed on Boeing 737 NG and 737 CL

§ FL Technics Ulyanovsk (Russia) was granted a residence certificate for operating within the

special economic zone in Ulyanovsk

§ FL Technics launches FL Technics Line OOO

§ FL Technics signed for acquisition of Storm Aviation Limited (UK)

§ New major long term contracts signed for variety of services provided

§ Components Management Department established

§ ISO certification progressing

§ Initial deals executed in Asia in 2012 q1


Base Maintenance Services

FL Technics occupies 2 aircraft maintenance hangars together with administrative, warehouse

and backshop facilities in Vilnius International Airport- 13,742 sq. meters in total. The hangars are

comprised of total 5 airframe maintenance bays. Utilizing these hangars and the nearby premises FL

Technics provides base maintenance services, including: aircraft base maintenance checks, structure

inspection and structure repairs, routine maintenance, technical defect rectification, interior

refurbishment, minor and major modifications (avionics, airframe), engine replacement, landing gear

replacement and non-destructive testing. FL Technics Jets provides base maintenance services for

Hawker 700-900XP family.

FL Technics planned new base maintenance facility of 8000 sq. meters in Kaunas

International Airport (2013).

Line Maintenance Services

Line maintenance is defined as maintenance that is carried out before each flight to ensure that

the aircraft is fit for the intended flight and includes: daily service and weekly checks, unscheduled

checks, troubleshooting, defect rectification and minor component replacement.


Current and Planned Base Maintenance (2011- 2015) and Line Maintenance (2011-2012) Stations' Network

Engineering Services

Spare parts and consumable sales

FL Technics provides comprehensive engineering management services to the aircraft

operators, airlines and leasing companies. Basic engineering services provided by FL Technics include:

aircraft airworthiness review and renewal, engine condition monitoring, aircraft weighting, flight data

read-out, monitoring and analysis and ageing aircraft programmes.

FL Technics provides comprehensive spare parts management services including: planning /

provisioning, purchasing, inventory control, asset management, warehousing and distribution of

spare parts and consumables. One of the core competences of FL Technics is spare parts logistics based

on experience and enhanced with good geographical location of Lithuania.

Technical training and consulting services

Engine Management Services

Other MRO services

Aircraft parts marketplace

FL Technics provides technical training for aviation specialists involved in the maintenance and

repair of aircraft, as well as other specialized training programmes and consulting services. The

training programmes, which are drawn up in accordance with the requirements of EASA, cover four

main areas: basic maintenance training, aircraft type training, specialized aviation training and other

consulting services.

FL Technics provides comprehensive aircraft engine management services aimed at saving its

customers' time and money. Integrated aircraft engine support solutions cover engine repairs and

overhaul, service, engine leases and sales, parts and components management, purchase and tear

down and other related services.

Other services are mainly comprised of component repair and overhaul services. FL Technics is

also approved to perform nondestructive testing (eddy current, magnetic particle, dye penetrate and

ultrasonic) of airframes and components.

Locatory.com provides a platform for the aviation industry to search, buy and sell aviation

inventory. The platform serves as a vast repository of aviation inventory, spare parts, components and

repair services.


c) Aircraft Ground Handling and Fuelling

Activities in aircraft ground handling and fuelling business segment are conducted by

and include:

Passenger Services

Ground handling & Fuelling

Airport terminal engineering services

As 31 December 2011, Baltic Ground Services activities were concentrated in Vilnius International

Airport conducted through Baltic Ground Services UAB and in Warsaw International Airport, Krakow

International Airport and Katowice International Airport in the Republic of Poland conducted through

Baltic Ground Services Sp. z.o.o. .

Baltic Ground

Services UAB and Baltic Ground Services Sp. z.o.o.

§

§

§

Key Events in Aircraft Ground Handling and Fuelling Business Segment during 2011:

§

§

§

Opened ground handling operations in WAW and fueling in KRK and KTW

Contracted a long-term fuel facility leasehold from VNO

Signed contracts with major carriers to provide services in polish airports


Aircraft Ground Handling and fuelling business segment: Sales geographical segmentation in 2011 in %

Current Airports' Network, 2011


d) Charter Operations

Activities in charter operations business segment are conducted by

and include:

§ Full charter programmes for tour operators

§ Aircraft wet-lease programmes

§ Ad-hoc flights

As at 31 December 2011 Small Planet Airlines had a fleet of 6 aircraft. All aircraft are leased

under operating lease agreements which expire between 2010–2015.

§ Adverse effect of Boeing 757-200 redelivery

§ Adverse effect of Egypt crisis

§ Bird strike, stone strike and other small maintenance incidents

§ Italian Air Operator's Certificate obtained

§ Airbus A320 introduced in Poland

§ Lego project implemented with one Boeing 737-300

§ 10% of Italian operator capital sold

§ Sold Estonian AOC

Small Planet Airlines UAB,

Small Planet Airlines Sp. z.o.o. and Small Planet Airlines S.r.l.

Key Events in Charter Operations Business Segment during 2011:

Charter operations business segment: Sales geographical segmentation in 2011 in %


e) Pilot and Crew Training

Activities in pilot and crew training business segment are conducted by

and include:

§ Ab Initio pilot training & Cadet program for airlines

§ Pilot type rating & Recurrent training courses

§ Cabin crew training

§ Other aviation training programmes

§ Crew leasing services

§ Consultancy services

Baltic Aviation Academy occupies 1,329.49 sq. m. training centre. It is an integrated learning

complex equipped with Boeing 737-300/-400/-500 and Airbus 319-320-321 Full Flight Simulators

(FFS) and Real Fire Fighting as well as Smoke Trainer.

In addition to the above Baltic Aviation Academy leases numerous other aircraft type simulators

in UK, Spain, France, USA, Sweden, Germany and Russia. The contracted third party simulators allow

Baltic Aviation Academy to offer its clients a complete package of Type Rating Training services by

combining theoretical training in Vilnius training headquarters and practical FFS training in other

locations.

§ Singed cooperation agreement with CAE

§ Launched Dash 8Q-400 training programs

§ AviationCV.com started operations

§ Launching of internally developed IT solution for client and production management

§ Self Sponsored Pilot (SSP) and Corporate training business line expansion

Baltic Aviation

Academy UAB and AviationCV.com UAB

Key Events in Pilot and Crew Training Business Segment during 2011:


Pilot and crew training business segment: Sales geographical segmentation in 2011 in %

Full Flight Simulators' Network, 2011


5. CORPORATE GOVERNANCE

Gediminas Žiemelis has a unique management and

advisory experience. In 2008, under the request of the Prime

Minister of the Republic of Lithuania he gave practical proposals on

anti-crisis actions to be taken. He started his carrier in 1999 as the

assistant manager of the Vindication and Fraud Division in Lietuvos

taupomasis bankas, AB (currently, Swedbank, AB), the Department

of Problematic Assets and Vindication (1999–2001). He acted as

the General Manager of Žvilgsnis iš arčiau UAB (2001–2005)

(currently named Creditinfo UAB), which was engaged mainly in

debt recovery and credit risk management, the General Manager

of ŽIA VALDA AB (2002–2006) and the General Manager of

brokerage firm Finhill UAB FMĮ (in 2007).

Gediminas Žiemelis is a shareholder and a member of the

Management Board in ŽIA VALDA AB and since 2007 he acts as the

Manager of the Development Department. Since 2005 Gediminas

Žiemelis also acts as the Manager in East Mining Group UAB, since

2006 – as the General Manager of Eastern Agro Holdings UAB.

Since 2009 till 2010 Gediminas Žiemelis also acted as a consultant

in Avia Solutions Group Holdings AB. Moreover, Gediminas

Žiemelis is a member of the Supervisory Board in Agrowill AB since

2010.

a) The Board

GEDIMINAS ŽIEMELIS

Chairman of the Board

Director of Development of Avia

Solutions Group AB

Ÿ Born in 1977. Master of Law

Ÿ Chairman since 2009

Ÿ With Avia Solutions Group

since 2009

According to the Articles of Association of Avia Solutions Group AB the managing bodies of the

Company are General Meeting of Shareholders, the Supervisory Council, the Board and the Head of

the Company (the General Manager).

The Supervisory Board is responsible for the supervision of activities of the Company and its

management bodies. Board is responsible for the strategic management of the Company, whereas the

General Manager manages day-to-day operations of the Company and has the exclusive right to

represent the Company in relations with third parties.

started his carrier as an audit associate in

PricewaterhouseCoopers, Lithuania in 2001. In 2007 his last position

held at the company was that of a manager. He performed supervision

and execution of audit engagement performed in accordance with the

ISA and US GAAS. During his auditing career Aurimas Sanikovas

obtained principal expertise in telecommunications, IT, manufacturing,

construction, consumer products and energy sectors. From 2007 he acts

as the Chief Financial Officer of Avia Solutions Group Holdings AB that

for the purpose of IPO was structured into Avia Solutions Group AB. His

main responsibilities at Avia Solutions Group AB include control of

operations of subsidiaries, leading budgeting, reporting, treasury and

risk management functions, finance function staffing, fund raising, deal

structuring, tax planning and managing resolution of finance related

issues. Aurimas Sanikovas also acted as a member of the Management

Board of Avia Asset Management AB (2008–2009), a member of the

Management Board of FL Technics (2008–2010), a member of the

Management Board of Small Planet Airlines PL (2009–2010) and a

member of the Supervisory Board of Small Planet Airlines EE (2009 –

2011), the General Manager of Avia Funds Management UAB (2010-

2011), and since 2010 as a member of the Management Board of Avia

Solutions Group AB. Moreover, since 2010 Aurimas Sanikovas is a

member of the Supervisory Board of Agrowill Group AB. Aurimas Sanikovas obtained his bachelor’s

and master’s degrees in economics at the Faculty of Economics, Vilnius University, Lithuania with an

exchange term in the University of Copenhagen. Since 2006 Aurimas Sanikovas is a member of the

Association of Chartered Certified Accountants (ACCA). Mr Aurimas Sanikovas is a direct shareholder

of the Company and has 11,050 shares of AB “Avia Solutions Group” that accounts to almost 0,19 per

cent of the share capital.

Aurimas Sanikovas

started his carrier as an accountant in 1998 in

Šiaulių stumbras AB (1998–2000). He further acted as a production

planning team leader in Baltik vairas AB, Lithuanian branch of Panther

International (Germany) (2000–2002), as the General Service and

Finance Manager in Šiaulių tauro televizoriai UAB (2002–2004), as the

Executive Manager in Televolna OOO, Kaliningrad (2004–2005), as the

Manager in Banga Electronics UAB (2005–2006) and since 2006 he is

acting as the director of a subsidiary company UAB “Baltic ground

services”. Saulius Batavičius obtained a bachelor’s degree in business

administration at the Šiauliai University, Lithuania in 1999. In 2001

Saulius Batavičius obtained a master’s degree in business management

at the Klaipėda University, Lithuania, and in 2005 he finished Master

studies in International Business Management for managers at the Baltic

Management Institute.

Saulius Batavičius



started his carrier as an auditor in KPMG B a l t i c s

i n 1 9 9 9 – 2 0 0 0 a n d a s a c o n s u l t a n t a t PricewaterhouseCoopers

in 2000–2003. In the period of 2003–2008 Vytautas Kaikaris worked for

Bitė Group and was employed in BITĖ Lietuva in the following positions

throughout the period: marketing director, marketing segment

manager, executive assistant, CRM project manager. Afterwards

Vytautas Kaikaris acted as the Chief Executive Officer at flyLAL –

Lithuanian Airlines AB (2008– 2009). Since 2009 he is the Chief

Executive Officer of Small Planet Airlines UAB. Vytautas Kaikaris also acts

as a member of the Management Board of Small Planet Airlines AS,

Small Planet Airlines S.r.l. and Small Planet Airlines Sp. z.o.o. Vytautas

Kaikaris obtained a bachelor degree in international business in 1999 in

the Concordia International University Estonia, Tallinn, Estonia. Since

2006 he has been studying for his master’s degree in business

administration at the International School of Management (ISM),

Vilnius, Lithuania. He also finished numerous additional courses. In

addition, Vytautas Kaikaris is a shareholder of subsidiaries, he ows 4.5

per cent of shares in Small Planet Airlines UAB.

Vytautas Kaikaris

started his carrier in 1998 as an executive partner

in Cesim Group (Finland). He acted for this group until 2004 and

performed start up and successful development of Cesim Central &

Eastern Europe in the areas of consulting and management

development, established long-term relationships with key clients in

selected target industries: telecommunications, energy, railways, oil,

post, banking and performed daily management of the company. In

2001–2003 Jonas Butautis acted as a consultant for the new EU

members in the OECD (Organization for Economic Cooperation and

Development). He formulated conclusions and suggested future action

steps for the Governments to reduce business development obstacles in

their respective services industries. Jonas Butautis also acted as a

manager for Australia and Asia regions for BTS Group UAB (2003–2008)

and as a consultant, Deputy Manager of the Corporate Governance and

Control at ŽIA VALDA AB (2008–2009). Since 2009 he also acts as the

General Manager of FL Technics. Jonas Butautis obtained a Master of

Business Administration in the Vytautas Magnus University (in 2000). In

1999 he undertook International Economics and Marketing Studies in SDA Bocconi, Italy. Mr Jonas

Butautis is a direct shareholder of the Company and has 44 200 shares of AB “Avia Solutions Group”

that accounts to about 0,75 per cent of the share capital.

Jonas Butautis

Linas DovydėnasGeneral Manager, Avia Solutions

GroupŸ Born in 1975. Executive MBA .Ÿ With Avia Solutions Group since 2007

Ÿ


b) Top Management

Jonas ButatutisFL Technics, CEO

Ÿ Born in 1975. Master in Business AdministrationŸ Board Member since 2008Ÿ With Avia Solutions Group since 2008

Saulius BatavičiusBaltic Ground Services, CEO

Ÿ Born in 1973. Master in Business ManagementŸ Board Member since 2010Ÿ With Avia Solutions Group since 2008

Eglė Vaitkevičiūtė

Baltic Aviation Academy, CEO

Ÿ Born in 1977. Bachelor in

Business Management and

Marketing.

Ÿ With Avia Solutions Group since

2010

Ÿ

Žilvinas Sadauskas

Locatory.com, CEO

Ÿ Born in 1986. Bachelor in

Computer Sciences


2009

Vytautas KaikarisSmall Planet Airlines, CEO

Ÿ Born in 1978. Master in Business AdministrationŸ Board Member since 2009Ÿ With Avia Solutions Group since 2008

Darius Šalūga

FL Technics Jets, CEO

Ÿ Born in 1976. Master in Law


2007

Skaistė Knyzaitė

CEO, AviationCV.com

Ÿ Born in 1979. Executive MBA.


2011

Ÿ


c) Personnel

Number of the Group's employees at the end of the year:

The breakdown of the number of employees by company:

6. SHARES AND SHAREHOLDERS

The authorised capital of the Company as at 31 December 2011 was LTL 5,893,333 and is

divided into 5,893,333 ordinary shares with a par value of LTL 1 each. All shares carry equal voting

rights.

On 3 March 2011 shares of the Company were introduced to trading at Warsaw Stock

Exchange.

Shareholders and share capital of the Company as at 31 December 2011 were as follows:

7. INFORMATION

Avia Solutions Group (Lithuania)Smolensko st. 10, LT-03201 Vilnius, Lithuania

Tel.: +370 5 252 5500

Fax.: +370 5 252 5501

E-mail: [email protected]

Avia Solutions Group (Russian Federation)st. Tverskaya 16, building 1, 7th floor, office 14,

Moscow

Tel.: +7 495 705 91 43

Fax.: +7 495 935 89 62


Contacts

Avia Solutions Group (United Kingdom)st. 259 Capability Green,

Luton LU1 3LU, United Kingdom

Tel.: +44 1582 390640

Fax.: +44 1582 480455


Avia Solutions Group (Italy)Viale Delle Arti,

123 - Edificio C – Primo Piano,

00054 Fiumicino Rome, Italy

Tel.: +390 66502751

Fax.: +390 6650275333


Avia Solutions Group (Malaysia)Unit No. SW-03-28 COVA SQUARE,

JLN Teknologi, Kota Damansara PJU5,

47810 Petaling Jaya, Selangor, Malaysia

Tel.: +372 5 252 5015

Fax.: +72 5 252 5646


Avia Solutions Group (Poland)Okecie Business Park – Notus i Zephirus

st. Stycznia 17 - 45B, Warsaw, Poland

Tel.: +48 22 427 90 92

Fax.: +48 22 427 90 93



2011 ANNUAL REPORT OF AVIA SOLUTIONS GROUP

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