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Shares Issued to Staff

SHARES ISSUED TO STAFF

Director of Air Timor, Mr Francisco Rego De Oliveira, announced today that Air Timor has issued free shares to all employees as a reward for their contributions and efforts up to December 2015.

Air Timor is Timor-Leste’s local airline and one of the objectives of the local Board of Directors is that the airline will be owned, controlled and managed by Timorese.

“The issue of shares to employees will expand the Timorese ownership of the company”, he said.

Mr Rego De Oliveira said, “Any company’s success depends upon the enthusiasm, involvement, interest and ability of the employees and the support of the public”. He said, “The company’s name means nothing, it is our employee’s that are the keys to our success”.

“Air Timor’s objective for its employees is to pay good salaries, provide attractive conditions, continuous training and the opportunity to advance within the company”, he said.

Air Timor is known for its modern conditions. In 2012 Air Timor started a Personal Loan facility for employee’s which allows them to borrow for medical, education or transport purposes and many employees had used the facility to purchase motor bikes to enable them to get to and from work and for medical reasons.

Mr Rego De Oliveira said, “Air Timor may be the only company in Timor-Leste that provides a Retirement Fund for employees. Air Timor puts aside 10% of each employee’s salary every year into a special fund which accumulates interest and these monies then belong to the employee and are paid out on retirement”.

The free share issue to each employee was paid for by the company and a share certificate in their names was handed to each employee at a special dinner function held on Saturday, 19th March 2016. The shares issued were based on each employee’s length of service up to December 2015.

Mr Rego De Oliveira said, “The shares are fully paid at $10 per share and employees will receive dividends on the shares based on the profitability of the company and when approved by the Board of Directors”. Mr Rego De Oliveira said, “The company wants the Timorese public to become shareholders in Air Timor and it has shares available for sale – the minimum investment is 25 shares or $250”.

Mr Rego De Oliveira said, “It is the objective of Air Timor to be the nation’s international and domestic airline employing thousands of Timorese”.

Air Timor recently announced the appointment of its first Timorese pilots and engineers.

For more information, please contact Air Timor Sales and Marketing Department on email : anche.cabral@air-timor.com or call : +670.7343 3999