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Work programmed for for 2010 and for the second quarter of 2009 to be brought forward

ITP withdraws the employment regulation file presented in november and will analyse its needs within three mounths

The Board of Industria de Turbo Propulsores, S. A. (ITP) today informed their workers of their decision to withdraw the Employment Regulation File that was presented before the Basque Government's Labour Delegation on November 19th of last year.

ITP has set a three-month period in which to analyse its workload and, according to the Board, to ascertain the possibilities of adopting any new measures that might be needed within this timeframe. The reason for the withdrawal of the ERF stems from the decision to bring forward work on the Rolls-Royce Trent 900 and Trent 500 programmes and the General Electric GE90-115 from 2010 to 2009 and from the second quarter of 2009 to the first.

In this way, ITP will attempt to balance the overcapacity generated by the loss of its workload (a total of 80 direct and 20 indirect workers in 2009), felt mainly in the Trent 500, Trent 900 and Trent 1000 programmes due to the delays announced last year by Airbus and Boeing.

A policy of austerity and investment

Against the international background of economic uncertainty and recession, ITP has announced the adoption of drastic measures to be taken through policies of austerity and cost reduction in all of its activities.

In line with this, the ITP Remunerations Committee agreed on February 6th to freeze the salaries of all of the company's directors. A proposal was also made for salary moderation at all levels with the aim of contributing to the consolidation of the business project.

In the internal memo relating to this point, it was pointed out that over the course of this year and 2010, shareholders will be asked to provide investment that will double the resources to be generated during this period. As well as investment in new contracts, this financial outlay includes the previously announced investments in the Trent XWB engine for the manufacture of low pressure turbines with less than 15,000 pounds of thrust in the company's Mexican affiliate ITR.

Note to the editor

ITP Aero is currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top one hundred companies in the aerospace industry (Top 100 Aerospace Companies, PwC and Flight International). The company employs over 3,500 people at its production centres in Spain, United Kingdom, Mexico, the United States, Malta and India.

ITP Aero includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defense applications. ITP Aero operates as a corporate entity within the Rolls-Royce group.

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