Singaporeans and travelers in the region will get to fly to destinations
in South East Asia at really low fares from Tiger Airways when it begins
operations from Changi airport in the second half of 2004. This was
announced today at a press conference in Singapore by the partners in
Tiger which include Indigo Partners LLC (the aviation partnership of David
Bonderman and Bill Franke), Irelandia Investments Limited (the Ryan
family`s investment vehicle), Singapore Airlines and Temasek Holdings.

The Ryan family is well known in aviation circles. Dr Tony Ryan was the
founder of Ryanair, the highly successful low-cost carrier based in
Dublin. Indigo Partners LLC was established in late 2002 as a private
equity investment vehicle for the air transportation industry by its
partners building on their successful track record in the US and Europe.
Singapore Airlines and Temasek will own a majority of the new airline, but
Tiger will be separately certificated and operated independently by a team
specially recruited for the low cost airline.

Tiger has engaged Charlie Clifton, former director of operations at
Ryanair, to establish the base in Singapore and to set up outstations
throughout South East Asia over the coming months.

The low fares airline will operate a substantial fleet of single type,
narrow body aircraft. No firm decision has yet been made on aircraft type.
However the excess supply of aircraft available worldwide is expected to
result in very low prices from the manufacturers and lessors.

Mr Chew Choon Seng, CEO of Singapore Airlines, said: “SIA recognizes the
potential for low cost travel in this part of the world and wishes to
participate in this new segment of the market. As SIA itself is a premium,
full service airline, it does not have experience with the low-cost
carrier business model. We are therefore pleased to invest in this new
airline with partners who have the right credentials and a relevant track
record of success.”

Dr Ryan said it was a personal pleasure to return to Asia with a new
airline venture. Referring to Tiger`s plan, he said: “Singapore has always
been at the forefront of the aviation industry, and it should therefore be
no surprise that Tiger is establishing its first base here, in partnership
with SIA. I am confident that the new airline will deliver the benefits
that low cost carriers can bring in terms of tourism and job creation, not
only to Singapore, but also to the other countries it serves.”

Mr Franke said “Indigo Partners is pleased to play a role in the creation
of a new Asian low cost carrier in association with such experienced
management and investors. The investment and management experience of
Indigo`s principals will be actively applied in support of this exciting
opportunity.”

Singapore Airlines editorial, based on news release distributed by PR Newswire

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