Warsaw, 7 May 2012

PRESENTATION FOR SHAREHOLDERSRESULTS FOR THE SIX-MONTH PERIOD OF 2012

31 August, 2012

1

ASG Group’s Achievements in 2Q 2012

ASG Group’s Structure / Areas of Activity

Financial Results in 2Q 2012

ASG Group’s Total Revenue by Business Segments

Operating Results by Business Segments

ASG Group’s Operating Expenses

Consolidated Balance Sheets

ASG Group’s Cash Flows & CAPEX

ASG Group’s Employees

ASG Shareholders

ASG Share Price & Performance

Appendices

Content

ASG Group Achievements in 2Q 2012

Financial Parameters: Increase in consolidated revenue by 69 %

(2Q 2012 vs 2Q 2011) up to LTL 200 million and by 77 % (HY 2012 vs HY 2011) up to LTL 341 million;

Over LTL 11,4 million of net profit attributable to equity holders (in the first half-year of 2012) .

Operational Parameters: Record-high ground handling and fueling

sales, mainly due to contracts with new clients and introducing of into-plane fuelling services in Poland.

2

ASG Group’s Structure / Areas of Activity

Small Planet Airlines UAB (95.5%)

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

Small Planet Airlines s.r.l. (35.5%)**

FL Technics AB (100%)

Locatory.com AB (95%)

FL Technics Jets UAB (100%)

FL Technics Line OOO (93%)*

FL Technics Ulyanovsk OOO (99%)

FLT Trading House UAB (100%)

Storm Aviation Limited (100%)

Storm Aviation Limited (Cyprus) (100%)

Baltic Ground Services UAB (100%)

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

Baltic Ground Services TOV (100%)

Baltic Ground Services s.r.l. (100%)

Ground Handling CIS UAB (100%)

Baltic Aviation Academy UAB (100%)

AviationCV.com UAB (91%)

* - Sold 7% stake in July 2012

** - Sold 50% stake on the 4th of January 2012

Avia Solutions Group (ASG)

Aircraft Maintenance, Repair and Overhaul

(MRO) Business Segment

Aircraft Ground Handling and Fuelling

Business Segment

Charter Operations Business Segment

Pilot and Crew Training Business Segment

3

ASG Group’s Financial Results in 2Q 2012

4

2Q 2012 2Q 2011Change

(2Q 2012 vs 2Q 2011 )

LTL thousands (except margins & EPS & numbers of shares) HY 2012 HY 2011

Change (HY 2012 vs

HY 2011 )

199 824 118 351 +68.8% Revenue 341 118 193 260 +76.5%19 428 10 002 +94.2% Gross profit 37 262 20 461 +82.1%

9.7% 8.5% +1.2pp Gross profit margin (%) 10.9% 10.6% +0.3pp14 850 4 566 +225.2% EBITDA 23 251 11 286 +106.0%

7.4% 3.9% +3.5pp EBITDA margin (%) 6.8% 5.8% +1.0pp11 782 2 812 +319.0% Operating profit 17 315 7 908 +119.0%

5.9% 2.4% +3.5pp Operating profit margin (%) 5.1% 4.1% +1.0pp10 049 2 710 +270.8% Profit before income tax 14 524 7 260 +100.1%7 612 2 579 +195.2% Net profit 11 431 5 651 +102.3%3.8% 2.2% + 1.6pp Net profit margin (%) 3.4% 2.9% +0.5pp7 715 2 758 +179.7% Net profit attributable to equity holders 11 653 6 063 +92.2%3.9% 2.3% +1.6pp Net profit attributable to equity holders margin (%) 3.4% 3.1% +0.3pp1.292 0.438 +195.0% EPS (LTL) 1.940 1.016 +90.9%6 235 6 381 -2.3% CAPEX (additions of PPE and intangible assets) 13 373 10 620 +25.9%

16 848 20 457 -17.6% Net cash at the end of period 16 848 20 457 -17.6%5 893 5 893 0.0% Weighted average number of ordinary shares (thousand) 5 893 5 561 +6.0%

ASG Group’s Revenue, EBITDA & Net Profit

5

55

80

95

82

75

118

164

129

142

200

2

2

11

6

3

3

9

-4

4

7

4

7

14

3

7

5

16

-5

8

15

-5 45 95 145 195

1Q 2010

2Q 2010

3Q 2010

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

Revenue (LTL million)

EBITDA (LTL million)

Net Profit (LTL million)

ASG Group’s Total Revenue by Business Segments

6

Business Segment’s Total Revenue (including I/C transactions, LTL million)

Gross Profit by Business Segments (LTL million)

36

68

38

5

7184

4411

2

140

118125

16 4-

30

60

90

120

150

MRO segment SPA Segment GH Segment BAA Segment ASG Segment

HY 2010

HY 2011

HY 2012

15

2 6 2

25

( 4)

3 4 1

30

( 2) 56 3

( 5)

1

6

11

16

21

26

31

Total Revenue / Gross Profit Breakdown by Business Segments

7

Total Revenue* Breakdown by Business Segment (%)

Gross Profit* Breakdown by Business Segment (%)

* Segments’ share in Total Revenue and Gross Profit calculated based on Total Revenue / Gross Profit value (including intercompany transactions)

0%

20%

40%

60%

80%

100%

1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012SPA Segment GH Segment BAA Segment ASG Segment MRO segment

-20%

0%

20%

40%

60%

80%

100%

8

Operating Results

2Q 2012 2Q 2011 2Q 2012 vs2Q 2011

2Q 2010 2Q 2012 vs2Q 2010

Number of SOLD man-hours (base maintenance) 76 482 95 193 -19.7% 37 936 +101.6%Number of SOLD man-hours (engineering) 16 006 13 975 +14.5% 7 125 +124.6%Number of SOLD man-hours (maintenance training) 1 651 3 583 -53.9% 231 +614.8%Number of line stations (at the end of the period) 24 9 +15 6 +18

Key Events in 2Q 2012: In April, 2012, FL Technics AB received Part 21, Section A,

Subpart J Design Organization Approval from the European Aviation Safety Agency (EASA). The Approval (no. EASA.21J.496) enables FL Technics AB to design and approve minor changes and minor repairs to aircraft in the area of cabin interior and associated changes to avionics and structures. This certificate expands capabilities that will allow FL Technics AB to complete minor design and modification tasks in-house. Design modifications mainly relate to changes in cabin layouts, interior furnishing installations, galley installations and repairs, in-flight entertainment associated reconfigurations and system improvements.

MRO Business Segment (1)

9

Operating Results

HY 2012 HY 2011 HY 2012 vsHY 2011

HY 2010 HY 2012 vsHY 2010

Number of SOLD man-hours (base maintenance) 155 525 178 493 -12.9% 74 936 +107.5%Number of SOLD man-hours (engineering) 27 520 26 075 +5.5% 14 925 +84.4%Number of SOLD man-hours (maintenance training) 3 398 4 353 -21.9% 631 +438.5%Number of line stations (at the end of the period) 24 9 +15 6 +18

Key Events in 2Q 2012: In June 2012, FL Technics AB, a global provider of integrated

aircraft maintenance, repair and overhaul services, acquired Boeing 737-600 airframe excluding engines and landing gear from AeroTurbine Inc, a subsidiary of International Lease Finance Corp Inc. The airframe will be used for part out and will be dissembled by AeroTurbine Inc.in USA. This acquisition will enable FL Technics AB to expand product range with spare parts and components for Boeing 737 New Generation aircraft.

MRO Business Segment (2)

10

2Q 2012 2Q 2011 2Q 2012 vs2Q 2011

2Q 2010 2Q 2012 vs2Q 2010

Number of aircraft served 3 198 1 338 +139.0% 1 881 +70.0%Number of passengers served 467 841 206 141 +127.0% 171 473 +172.8%Volume of fuel sold (tonnes) 16 079 8 311 +93.5% 8 553 +88.0%

Key Events in 2Q 2012: In March, 2012 Baltic Ground Services UAB signed a contract with the Russian aviation

company Ak Bars Aero. Baltic Ground Services UAB will provide the Russian carrierwith integrated ground and passenger handling as well as fuelling services at Vilnius International Airport.

In April, 2012 Baltic Ground Services UAB has signed a contract with Aeroflot. According to the agreement, the company will provide the carrier with integrated passenger and ground handling services in Vilnius International Airport.

In May, 2012 Baltic Ground Services UAB signs a integrated passenger and aircraftground handling services contract with the Icelandic low-cost carrier Iceland Express. According to the recently signed agreement, Baltic Ground Services UAB will serve theairlines’ flights to the Reykjavik International airport at Vilnius International airport.

In June, 2012 Baltic Ground Services UAB starts to provide aviation fueling services inPalanga International airport.

Ground Handling Business Segment

Operating Results

HY 2012 HY 2011 HY 2012 vsHY 2011

HY 2010 HY 2012 vsHY 2010

Number of aircraft served 5 601 2 219 +152.4% 2 814 +99.0%Number of passengers served 767 759 284 038 +170.3% 274 465 +179.7%Volume of fuel sold (tonnes) 25 346 13 184 +92.2% 15 881 +59.6%

10

HY 2012 HY 2011 HY 2012 vsHY 2011

HY 2010 HY 2012 vsHY 2010

Number of aircraft (at the end of the period) 6 7 -1 5 +1 Number of flights 1 984 1 550 +28.0% 674 +194.4%Number of passengers carried (in thousands) 238 609 186 400 +28.0% 154 597 +54.3%Number of block hours 6 494 4 835 +34.3% 4 122 +57.5%

Key Events in 2Q 2012: In April, 2012 Small Planet Airlines in Poland starts

operating the another Airbus A320 type aircraft. Currently the fleet of charter business segment‘scompanies consists of four Boeing 737-300 andtwo Airbus 320 aircraft.

Charter Operations Business Segment

Operating Results2Q 2012 2Q 2011 2Q 2012 vs

2Q 20112Q 2010 2Q 2012 vs

2Q 2010Number of aircraft (at the end of the period) 6 7 -1 5 +1 Number of flights 1383 1 211 +14.3% 408 +239.0%Number of passengers carried (in thousands) 165 580 141 742 +16.8% 104 708 +58.1%Number of block hours 4 351 3 365 +29.3% 2 557 +70.2%

12

HY 2012 HY 2011 HY 2012 vsHY 2011

HY 2010 HY 2012 vsHY 2010

TRTO - Number of SOLD theoretical training hours 5 411 10 317 -47.6% 2 584 +109.4%TRTO - Number of SOLD practical training (FFS) hours 12 019 8 709 +38.0% 3 686 +226.1%

Key Events in 2Q 2012: In June, 2012 new business line „SimHelp“ – a one-stop-shop for

Full Flight Simulators operators – enters the market. SimHelp isfocused on keeping Full Flight Simulators of its customers intop technical condition by reducing the length of time needed to repair certain defects and minimizing the time between FFS failures. The brand offers joint solutions with the expertpartners from more than 10 countries, including the UnitedStates, United Kingdom, Japan, Germany, France, Spain, Braziland other. SimHelp, a new player in full flight simulators repair, maintenance and relocation market, is eager to unveil thepotential of your aviation training center’s devices.

Crew Training Business Segment

Operating Results2Q 2012 2Q 2011 2Q 2012 vs

2Q 20112Q 2010 2Q 2012 vs

2Q 2010TRTO - Number of SOLD theoretical training hours 3 712 6 149 -39.6% 1 804 +105.8%TRTO - Number of SOLD practical training (FFS) hours 7 814 5 891 +32.6% 2 746 +184.6%

13

Breakdown of Operating Expenses for 2Q 2012

ASG Group’s Operating Expenses, 2Q 2012

2Q 2012 2Q 2011Change

(2Q 2012 vs 2Q 2011 )

LTL thousands 2Q 2010Change

(2Q 2012 vs 2Q 2010)

67 378 34 062 +97.8% Aircraft fuel expenses 25 779 +161.4%23 196 14 454 +60.5% Employee related expenses 10 120 +129.2%22 563 11 301 +99.7% Spare parts and consumables expenses 5 938 +280.0%15 414 3 972 +288.1% Cost of services resold 2 281 +575.7%59 901 52 167 +14.8% Other operating expenses 32 391 +84.9%

188 453 115 956 +62.5% Total Expenses 76 510 +146.3%

Breakdown of Operating Expenses

35.8%

12.3%

12.0%

8.2%31.8%

Aircraft fuel expenses

Employee related expenses

Spare parts and consumablesexpensesCost of services resold

Other operating expenses0%

20%

40%

60%

80%

100%

2Q 2010 2Q 2011 2Q 2012

14

Breakdown of Operating Expenses for HY 2012

ASG Group’s Operating Expenses, HY 2012

HY 2012 HY 2011Change

(HY 2012 vs HY 2011 )

LTL thousands HY 2010Change

(HY 2012 vs HY 2010)

67 378 34 062 +97.8% Aircraft fuel expenses 25 779 +161.4%23 196 14 454 +60.5% Employee related expenses 10 120 +129.2%22 563 11 301 +99.7% Spare parts and consumables expenses 5 938 +280.0%15 414 3 972 +288.1% Cost of services resold 2 281 +575.7%59 901 52 167 +14.8% Other operating expenses 32 391 +84.9%

188 453 115 956 +62.5% Total Expenses 76 510 +146.3%

Breakdown of Operating Expenses

0%

20%

40%

60%

80%

100%

HY 2010 HY 2011 HY 2012

32.1%

15.0%

13.2%

7.6%32.1%

Aircraft fuel expenses

Spare parts and consumablesexpenses

Employee related expenses

Aircraft servicing andhandling expenses

Other operating expenses

15

Consolidated Balance Sheets

Net debt = Borrowings – Cash and cash equivalents Return on equity (ROE) = Net profit for the period / Total equity Return on assets (ROA) = Net profit for the period / Total assets Equity ratio = Total equity / Total assets Gearing ratio = Net debt / (Net debt + Total equity)

30-06-2012 31-12-2011 30-06-2012 vs31-12-2011 LTL thousands 30-06-2011 31-12-2010

307 892 243 167 +26.6% Total assets 170 799 114 49916 848 17 781 -5.2% Cash and cash equivalents 20 457 10 713

106 850 96 353 +10.9% Total equity 91 171 25 05177 285 53 136 +11.8% Borrowings 13 191 35 29660 437 35 355 +70.9% Net debt (7 266) 24 583

1.35 1.49 -0.14pp Liquidity risk 2.04 1.173.7%HY 3.6%YEAR - Return on assets (ROA), % 3.3%HY 15.5%YEAR

10.7%HY 9.1%YEAR - Return on equity (ROE), % 6.2%HY 71.0%YEAR

34.7% 39.6% -12.4% Equity ratio, % 53.4% 21.8%36.1% 26.8% +34.6% Gearing ratio, % -8.7% 49.5%

16

ASG Group’s Cash Flows & CAPEX

Net cash at the end of period (LTL million)

Capital Expenditure (CAPEX, LTL million)

4

20

15

-

5

10

15

20

30-06-2010 30-06-2011 30-06-2012

2 3

6

11

6

13

-

2

4

6

8

10

12

14

2Q 2010 HY 2010 2Q 2011 HY 2011 2Q 2012 HY 2012

17

ASG Group’s Employees

Breakdown of ASG Group’s employees by business segments (30-06-2012)

Breakdown of ASG Group’s employees by business segments (30-06-2012 vs 30-06-2011, 30-06-2010)

During the second quarter of 2012, the total number of ASG Group’s employees increased by 28.

156

500

357

5923

CharterMROGround HandlingTrainingUnallocated

567

619

634

661

678

738

903

1045

1027

1 067

1095

31-12-2009

31-03-2010

30-06-2010

30-09-2010

31-12-2010

31-03-2011

30-06-2011

30-09-2011

31-12-2011

31-03-2012

30-06-2012

Number of full-time employees at the end of period

0%

20%

40%

60%

80%

100%

30-06-2010 30-06-2011 30-06-2012

18

32.9%

21.9%

13.2%6.6%

25.3%ZIA Valda Cyprus Ltd.Indeco: Investment and Development UABHarberin Enterprises LimitedING Otwarty Fundusz EmerytalnyOther

Distribution of ASG Shareholders as at 30 June 2012:

ASG Shareholders

On 3 March 2011 shares of the Avia Solutions Group AB were introduced to trading at Warsaw Stock Exchange (code: AVIASG).

The authorised capital of the Company is divided into 5 893 333 ordinary shares with a par value of LTL 1 each.

Part of shares and votes Part of shares and votes 30-06-2012 31-12-2011 31-12-2010

32.9% 32.9% ZIA Valda Cyprus Ltd. 43.90%21.9% 21.9% Indeco: Investment and Development UAB 29.30%13.2% 13.2% Harberin Enterprises Limited 24.40%6.6% 6.6% ING Otwarty Fundusz Emerytalny -

25.3% 25.3% Other 2.50%100% 100% Total 100%

19

ASG vs WIG (from 03-03-2011 till 30-12-2011) ASG vs WIG (from 02-01-2012 till 29-06-2012)

03-03-2011: 53.30High: 71.00Low: 23.8530-12-2011: 28.35

02-01-2012: 28.50High: 42.00Low: 25.0029-06-2012: 27.80

Prices in PLN

ASG Share Price & Performance

20

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED BALANCE SHEETS

Appendices

21

Consolidated Statements of Comprehensive Income

LTL'000--3 months period ended 30 June 6 months period ended 30 June

2012 2011 2010 2012 2011 2010 Revenue 199 824 118 351 79 229 341 118 193 260 133 745

Other income 594 110 635 1 277 514 892 Aircraft fuel expenses (67 378) (34 062) (25 689) (104 765) (51 605) (44 101)Rent of aircrafts and equipment (14 763) (16 931) (11 847) (22 910) (25 124) (21 335)Employee related expenses (23 196) (14 454) (10 151) (43 179) (25 663) (18 821)Aircraft servicing and handling expenses (13 340) (11 142) (6 978) (24 665) (16 392) (11 666)Spare parts and consumables expenses (22 563) (11 301) (5 418) (48 988) (18 432) (7 906)Rent and maintenance of premises (2 961) (1 785) ( 717) (6 429) (3 761) 512 Training and related expenses (3 610) (3 487) (2 098) (8 790) (7 065) (2 855)Aircraft maintenance expenses (8 510) (5 328) (1 836) (13 821) (8 009) (3 023)Depreciation and amortization (3 068) (1 754) (1 143) (5 936) (3 378) (2 447)Cost of services resold (15 414) (3 972) (2 302) (22 394) (6 717) (4 513)Impairment of receivables ( 72) ( 10) - ( 100) ( 40) 43 Other operating expenses (13 576) (11 729) (5 566) (24 416) (20 140) (9 584)Other gain/(loss) - net ( 185) 306 7 1 313 460 8

Operating profit (loss) 11 782 2 812 6 126 17 315 7 908 8 949 Finance costs – net (1 639) ( 102) (3 873) (1 844) ( 648) (4 472)Share of profit/(loss) of associates ( 94) - - ( 947) - -

Profit (loss) before income tax 10 049 2 710 2 253 14 524 7 260 4 477 Income tax (2 437) ( 131) ( 324) (3 093) (1 609) ( 801)

Net profit (loss) for the period 7 612 2 579 1 929 11 431 5 651 3 676 Other comprehensive income for the period 34 ( 6) 35 ( 549) 34 32

Total comprehensive income for the period 7 646 2 573 1 964 10 882 5 685 3 708

Profit (loss) attributable to equity holders 7 715 2 758 1 929 11 653 6 063 3 676 Profit (loss) attributable to non-controlling interests ( 103) ( 179) - ( 222) ( 412) -Net profit (loss) for the period 7 612 2 579 1 929 11 431 5 651 3 676 Total comprehensive income attributable to equity holders 7 742 2 753 - 11 111 6 095 3 708 Total comprehensive income attributable to non-controlling interests ( 96) ( 180) 1 964 ( 229) ( 410) -Total comprehensive income for the period 7 646 2 573 1 964 10 882 5 685 3 708

22

LTL'000 As at 30 June As at 31 December2012 2011 2011 2010 2009 2008 2007

Non-current assetsPPE 56 112 35 252 52 615 29 198 25 340 29 156 23 134Intangible assets 8 670 3 990 10 044 2 723 2 235 1 319 71Deferred income tax assets 7 754 3 113 7 533 1 157 1 040 1 149 409Trade and other receivables 7 533 2 767 15 274 1 920 4 200 2 214 123

80 069 45 122 85 466 34 998 32 815 33 838 23 737Current assets

Inventories 82 523 27 533 35 619 12 319 9 102 8 016 1 730Trade and other receivables 124 201 76 924 97 222 51 366 21 634 13 864 3 489Amount due from customers for contract work 3 718 - 6 512 2 937 - - -Prepaid income tax 410 650 299 240 165 - -Short-term bank deposit 123 113 268 1 926 1 468 - -Cash and cash equivalents 16 848 20 457 17 781 10 713 5 909 223 1 223

227 823 125 677 157 701 79 501 38 278 22 103 6 442Total assets 307 892 170 799 243 167 114 499 71 093 55 941 30 179

EQUITYShare capital 5 893 5 893 5 893 4 420 - - -Share premium 58 770 58 770 58 770 - - - -Legal reserve 263 - - - - - -Merger reserve (2 746) (3 250) (2 483) (3 473) - - -Cumulative translations differences 83 17 624 (16) - - -Retained earnings 45 184 29840 33 531 24 001 - - -Invested capital - - - - 7 015 811 1 182

107 447 91 270 96 335 24 932 7 015 811 1 182Non-controlling interests (597) (99) 18 119 - 261 211

Total equity 106 850 91 171 96 353 25 051 7 015 1 072 1 393

LTL'000As at 30 June As at 31 December

2012 2011 2011 2010 2009 2008 2007 LIABILITIESNon-current liabilities

Borrowings 29 663 7 318 28 245 10 580 15 344 19 251 12 508

Deferred income tax liabilities 529 31 289 9 380 - - -Trade and other payables 1 943 2 131 2 109 1 746 3 963 2 671 870Security deposits received 435 8 693 10 238 33 - - -

32 570 18 163 40 881 21 739 19 307 21 922 13 378Current liabilities

Borrowings 47 622 5 873 24 891 24 716 8 560 3 912 4 512Trade and other payables 94 711 43 720 60 694 37 080 30 457 23 390 8 580Advances received 12 601 4 693 8 162 2 908 2 630 1 739 1 528Security deposits received 6 086 1 574 7 525 947 2 111 2 233 -Current income tax liabilities 7 452 5 605 4 661 2 058 1 013 1 673 788

168 472 61 465 105 933 67 709 44 771 32 947 15 408Total liabilities 201 042 79 628 146 814 89 448 64 078 54 869 28 786Total equity and liabilities 307 892 170 799 243 167 114 499 71 093 55 941 30 179

Consolidated Balance Sheets

Thank You For Your Attention

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