Re Contract

22 November 2005

                 HAESL AND SAESL SIGN $600 MILLION MAINTENANCE                 
                            AGREEMENT WITH EMIRATES                            

Hong Kong Aero Engine Services Ltd. (HAESL) and Singapore Aero Engine Services
Limited (SAESL) have signed a new contract with Emirates Airline for the
ongoing maintenance and repair of Rolls-Royce Trent aircraft engines within its
fleet.

The new contract, potentially worth $600 million, will cover the maintenance of
all Emirates' Trent 500, Trent 700 and Trent 800 engines for the next three
years. Up to 200 engines could be overhauled under this agreement and the work
will be shared between HAESL and SAESL.

John Paterson, Chairman of HAESL and SAESL, said: "HAESL has had a strong
relationship with Emirates since they began operating Trent engines eight years
ago. This new agreement will enable Emirates to continue focusing on its core
business, which has seen the airline achieve unmatched growth through an
award-winning service.

"We are delighted that Emirates has chosen to extend its relationship with us
as it demonstrates complete confidence in our offering and the service we
provide."

His Highness Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of Emirates said: "We
are pleased to renew our partnership with HAESL and extend it to SAESL. Their
expertise in this field complements the maintenance support from Emirates' own
engineering division, and we look forward to working closely with them in
providing our fast-expanding fleet of modern jets with the highest standards of
engine maintenance and repair services."

The contract was signed today by Richard Kendall and John Horsburgh, chief
executives of HAESL and SAESL with HH Sheikh Ahmed Bin Saeed Al Maktoum,
Chairman of Emirates, at the 2005 Dubai Air Show.

NOTE TO EDITORS

 1. Over 170 Emirates Trent engines have been repaired and overhauled to date
    by HAESL and SAESL.
   
 2. Emirates currently operates 60 Rolls-Royce Trent powered aircraft: ten
    Airbus A340-500/600s (Trent 500), 29 Airbus A330-200s (Trent 700), and 21
    Boeing 777-200/300s (Trent 800).
   
 3. HAESL is a joint venture involving Rolls-Royce, Hong Kong Aircraft
    Engineering Company Limited (HAECO) and SIA Engineering Company and was
    established in 1997.
   
 4. SAESL, incorporated in 1999, is jointly owned by SIA Engineering Company,
    Rolls-Royce and Hong Kong Aero Engine Services Limited.
   
For further information contact:

Annalie Brown
Communications Manager
Rolls-Royce (on behalf of HAESL/SAESL)
Tel: [phone]
Fax: [phone]
Email: [e-mail]