Frankfurt/Main, May 11, 2006 - Shearman & Sterling represented the underwriters led by Commerzbank Aktiengesellschaft and Morgan Stanley Bank AG as international counsel (German, English and US law) in connection with the initial public offering of Air Berlin PLC. Air Berlin is Germany's largest low-cost carrier, Germany's second largest airline and Europe's third largest low-cost carrier.

The trading in the shares of Air Berlin PLC in the Official Market (Prime Standard) of the Frankfurt Stock Exchange commenced on May 11, 2006. The transaction had a volume of €443.5 million (excluding a greenshoe option of an additional €66.5 million).  The Air Berlin shares were publicly offered in Germany and sold to institutional investors globally on the basis of private placements, including a private placement in the United States in accordance with Rule 144A.