Magellan noted however that its overall performance year-to-date in 2009 continued to improve compared with the previous year.

Separately Magellan announced the award of two contracts, one to provide spare engine shrouds for the US Air Force, valued at USD3.5m, and one to build an electric power generation plant in Ghana for approximately USD185m.

(USD1=CAD1.05)

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Jim Butyniec, Magellan Aerospace Corporation's President and CEO, discussed the strategic importance of participation on the A350 XWB program and Magellan's continued drive to secure major work packages on Airbus' and Boeing's future aircraft. He commented, "This package builds upon Magellan's existing participation on all Airbus programs and provides continuity of production for the UK facilities into the next decade. In selecting Magellan, Airbus reconfirms its continued confidence in Magellan as a preferred aerostructures supplier. Magellan is continuing to identify core product on the A350 XWB, and to provide pricing on additional packages to Airbus."

About Magellan Aerospace:

Magellan Aerospace (UK) Limited is a wholly owned subsidiary of Magellan Aerospace Corporation. Magellan Aerospace Corporation is one of the world's most integrated aerospace industry suppliers. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout Canada, the United States, the United Kingdom and India.

Forward Looking Statements:

This news release contains information and statements of a forward- looking nature and is based on assumptions and uncertainties as well as on management's reasonable evaluation of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Corporation's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements.

For further information: Bill Matthews, Vice President Marketing, Magellan Aerospace Corporation, T: +1-(905)-677-1889, F: +1-(905)-677-5658, E: bill.matthews@magellan.aero/

For further information: Bill Matthews, Vice President Marketing, Magellan
Aerospace Corporation, T: +1-(905)-677-1889, F: +1-(905)-677-5658, E:
bill.matthews@magellan.aero/

Jim Butyniec, Magellan Aerospace Corporation's President and CEO, discussed the strategic importance of participation on the A350 XWB program and Magellan's continued drive to secure major work packages on Airbus' and Boeing's future aircraft. He commented, "This package builds upon Magellan's existing participation on all Airbus programs and provides continuity of production for the UK facilities into the next decade. In selecting Magellan, Airbus reconfirms its continued confidence in Magellan as a preferred aerostructures supplier. Magellan is continuing to identify core product on the A350 XWB, and to provide pricing on additional packages to Airbus."

About Magellan Aerospace:

Magellan Aerospace (UK) Limited is a wholly owned subsidiary of Magellan Aerospace Corporation. Magellan Aerospace Corporation is one of the world's most integrated aerospace industry suppliers. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout Canada, the United States, the United Kingdom and India.

Forward Looking Statements:

This news release contains information and statements of a forward-looking nature and is based on assumptions and uncertainties as well as on management's reasonable evaluation of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Corporation's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements.

%SEDAR: 00002367E

SOURCE: Magellan Aerospace Corporation

Bill Matthews, Vice President Marketing, Magellan Aerospace Corporation, T: (905)
677-1889, F: (905) 677-5658, E: bill.matthews@magellan.aero