Singapore Airlines Completes Purchase Of Air New Zealand 'B' Shares From Brierley

Singapore Airlines (SIA) is pleased to announce that it has completed the purchase of 16.7 per cent of Air New Zealand Limited (Air New Zealand) in the form of 'B' ordinary shares for NZ$285 million (S$240 million) from Brierley Investments Limited (BIL).

Upon the approval by the New Zealand government of contracts between SIA and BIL, the transaction was legally completed on 8 August 2000.

Together with the purchase on 11 April 2000 of 8.3 per cent of the share capital of Air New Zealand in the form of 'B' ordinary shares, this brings SIA's total stake in Air New Zealand to 25 per cent. Under the current guidelines for foreign ownership, 25 per cent is the limit that a single foreign airline can hold in Air New Zealand.

Three SIA directors will be appointed to the Air New Zealand Board: Dr Cheong Choong Kong, Deputy Chairman and CEO of SIA; Mr Michael Tan, Executive Vice-President (Commercial) of SIA; and Mr Charles Goode, who is an SIA Board Director. Copies of their curricula vitae are below.

As a result of Air New Zealand's 100 per cent ownership of Ansett Holdings Limited (Ansett), SIA now has a strategic stake in the Australian carrier as well. SIA looks forward to working with Air New Zealand and Ansett for the benefit of the three companies and their respective customers, shareholders and employees.



EXECUTIVE PROFILES OF DIRECTORS NOMINATED BY SINGAPORE AIRLINES

DR CHEONG CHOONG KONG

Born in Malaysia in 1941, Dr Cheong studied in Australia as a Colombo Plan scholar. He holds a B Sc degree (1st Class Honours in Mathematics) from the University of Adelaide and a PhD in Mathematics from the Australian National University in Canberra.

Prior to joining SIA in 1974, he was an Associate Professor at the University of Malaya for six years. Within SIA, he served in Marketing, Personnel, Planning and Information Technology before becoming Managing Director and Chief Executive Officer in 1984. He is currently Deputy Chairman and CEO.

Dr Cheong is concurrently Chairman of two major SIA subsidiaries: Singapore Airport Terminal Services (SATS) and SIA Engineering Company. He also serves on the Boards of several other companies, namely, Singapore Press Holdings, Oversea-Chinese Banking Corporation, Virgin Atlantic Airways Ltd, Virgin Atlantic Ltd, and Virgin Travel Group Ltd.

In addition, he is on the Board of Governors of Singapore International Foundation, and is Vice-Chairman of the Singapore-US Business Council.

Dr Cheong is a former Chairman of the Singapore Broadcasting Corporation, and its successor, Singapore International Media, from July 1989 to September 1995.

MR MICHAEL J N TAN

Mr Tan joined Malayan Airways, a forerunner of Singapore Airlines, in 1960 as a trainee in the Traffic Department. He rose through the ranks and held country manager positions in a number of Asian countries - the Philippines, Hong Kong, Malaysia, Japan, Taiwan and Thailand. In 1971, he returned to Singapore to assume various senior planning and marketing positions, culminating in his appointment as Assistant Director of Marketing in 1975 and later as Director of Marketing in 1978.

Mr Tan was appointed Commercial Director from 1981 to 1987 and later promoted as Executive Vice-President (Commercial). In his present capacity, he has overall responsibility for the long-term route development plans of the Company and oversees marketing worldwide, as well as customer services and the Head Office Divisions of Cargo, Commercial Technology and Cabin Crew.

He is the Deputy Chairman of Singapore Airport Terminal Services Ltd, and Chairman of SATS Airport Services. He is also a Director on the Virgin Atlantic Board.

Mr Tan served as a member of Singapore National Tourism Plan 21 and the Singapore Tourism Board. He has also served as a member of the Pacific Area Travel Association (PATA) for many years and represented SIA in the Singapore Government's Manpower 21 Project.

MR CHARLES BARRINGTON GOODE

Mr Goode is the Chairman of the Australia and New Zealand Banking Group Ltd, a position he has held since 1995. He is also Chairman of Woodside Petroleum Ltd, Australian United Investment Company Ltd and Diversified United Investment Ltd, and a Director of CSR Ltd, Queensland Investment Corporation Ltd.

Mr Goode was appointed as a Director of the SIA Board on 1 July 1999, the first non-Singaporean Board member since SIA's formation in 1972.

Mr Goode has a wide range of community interests, which include serving as Chairman of The Ian Potter Foundation and President of Howard Florey Institute of Experimental Physiology and Medicine. The former, founded by the late Australian financier, Sir Ian Potter, is Australia's largest philanthropic foundation.

Mr Goode holds degrees from Melbourne University (Bachelor of Commerce with Honours) and Columbia University, New York (Master of Business Administration), and an Honorary Doctorate from Melbourne University (Doctor of Laws, honoris causa.).