Asian Airlines - March 2006

TABLE OF CONTENTS

• Introduction
• Current economic outlook
  • Figure 1: Forecast for GDP growth in theOECD economies of the Asia-Pacific region
• Expenditure
  • Figure 2: Travel & Tourism spending*by Asia-Pacific sub-region 2006-16
  • Figure 3: Projected spending* on T&Tby principal country 2006-16
  • Figure 4: Incoming tourism receipts byAsia-Pacific sub-region 2006-16
  • Figure 5: Incoming tourism receipts bymajor country 2006-16
• China
• The Chinese outbound market
  • Figure 6: Chinese outbound departures,1995-2005
  • Figure 7: Chinese outbound travel byAsia-Pacific region, 2004
• Chinese inbound tourism and receipts
  • Figure 8: Chinese inbound tourism andreceipts, 1996-2004
  • Figure 9: Comparison of growth ratesbetween domestic and inbound tourism and receipts, 1997-2004
  • Figure 10: The top 20 inbound sourcemarkets for China in 2004
  • Figure 11: Top tourism-generatingcountries for China, 2004
  • Figure 12: Foreign arrivals in China bypurpose of visit, 2004
  • Figure 13: Tourist arrivals in China bymode of transport, 2004
• Australia
• Data Sources
• International Air Transport Association (IATA)
• Association of Asia Pacific Airlines (AAPA)
  • Figure 14: Airline members of the AAPA
• Center for Asia Pacific Aviation (CAPA)
• Recent Trends in Traffic Volume
• Domestic
• International
  • Figure 15: IATA international air trafficstatistics: year-end 2005/04
  • Figure 16: Top ten passenger inter-countrypairs for AAPA airlines
  • Figure 17: Top ten passenger routes forAAPA airlines between two cities
• Air freight
  • Figure 18: Top ten inter-country air cargopairs for AAPA airlines
  • Figure 19: Top ten air cargo routesbetween cities for AAPA-affiliated airlines
• Airport development & expansion
• India
• Sri Lanka
• Mainland China
• Hong Kong
• Macao
• Malaysia
• Singapore
• Korea
• Japan
• Thailand
• The Philippines
• Indonesia
• Vietnam
• Australia
• New Zealand
• Pacific Islands
• Airline profitability
  • Figure 20: Composite results for AAPAmember airlines (in US$ thousands)
  • Figure 21: Oil price vs. jet fuel
  • Figure 22: Trend in fuel expense forSingapore Airlines' passenger operations (in S$ millions)
  • Figure 23: Breakdown of costs forSingapore Airlines' passenger operations for the half year ended 27October 2005
• Deregulation & Privatisation (by major country)
• Low-cost Carriers (LCCs)
• LCCs broaden the overall air travel market
• Asia-Pacific LCCs face some important challenges
• LCCs have caused some price wars
• Hong Kong, Macao and Malaysia
  • Figure 24: LCCs based in Hong Kong, Macaoand Malaysia
• Hong Kong Express (HKE)
• Oasis Airways
• AirAsia
  • Figure 25: AirAsia's passenger trafficFY 2005/06
  • Figure 26: AirAsia's passenger trafficin Malaysia FY 2005/06
  • Figure 27: AirAsia's passenger trafficin Thailand FY 2005/06
  • Figure 28: AirAsia's passenger trafficin Indonesia FY 2005-06
  • Figure 29: AirAsia distribution channelsFY 2005
  • Figure 30: Shareholders of AirAsia
  • Figure 31: Second quarter operatingstatistics for AirAsia's Malaysian operations FY 2006
  • Figure 32: Second quarter and first halffinancial results* for AirAsia's FY 2006
  • Figure 33: Analysts' consensus revenueand earnings estimates for AirAsia
• Macao
• Indonesia
  • Figure 34: Indonesia-based LCCs
• Indonesia Air Asia
• Citilink
• Lion Air
• Adam Air
• Japan
  • Figure 35: Japanese LCCs
• Air Do Hokkaido International Airlines (Air Do)
• StarFlyer
• Skymark
• Skynet Asia Airways
• Philippines
  • Figure 36: Philippine-based LCCs
• Air Philippines
• Cebu Pacific
• South East Asian Airlines (Seair)
• Singapore
  • Figure 37: Singapore-based LCCs
• Jetstar Asia Airways/Valuair
• Tiger Airways
  • Figure 38: Tiger Airways route network
• Thailand
  • Figure 39: Thai low-cost carriers
• Nok Air
• One-Two-Go
• Thai Air Asia
• Australia and New Zealand
  • Figure 40: Low-cost carriers in Australia& New Zealand
• Jetstar Airways (Jetstar)
• OzJet Airlines
• Virgin Blue
  • Figure 41: Operating performance data forVirgin Blue Airlines
  • Figure 42: Financial performance data forVirgin Blue Airlines
• Pacific Blue
• Freedom Air
• India
  • Figure 43: Indian LCCs
• SpiceJet
• Air Deccan
• Air India Express
• Kingfisher Airlines
• GoAir
• Paramount Airways
• China
• Okay Airlines
• United Eagle Airlines
• China United Airlines
• Spring Airlines
• Major Asia-Pacific Airlines
• Australia
• Qantas
• Australian Airlines
• Jetstar
• Bangladesh
• Biman Bangladesh Airlines
• China
• China Southern Airlines
  • Figure 44: The corporate structure ofChina Southern Airlines Company Limited
  • Figure 45: China Southern Airlinespassenger operating statistics: 2004 versus 2003
  • Figure 46: China Southern's stock price1998-2006 (NYSE)
• Air China
  • Figure 47: Corporate structure of AirChina Limited
  • Figure 48: Air China monthly and 12-monthcumulative operating data-Dec 2005
• China Eastern Airlines
• Hong Kong
• Cathay Pacific
  • Figure 50: Major Subsidiaries of CathayPacific
  • Figure 51: Cathay Pacific share price(American ADR* in US$)
• India
  • Figure 52: Main scheduled passengerairlines in the Indian subcontinent, 1991-2005
• Jet Airways
  • Figure 53: Jet Airways-Air Saharasynergies
  • Figure 54: Jet Airways operating data forthe nine months ended 31 December 2005
  • Figure 55: Jet Airways' financialperformance for the nine months ended December 2005
  • Figure 56: Jet Airways' share pricesince issuance
• Air India and Air India Express
  • Figure 57: Air India's approximateweekly international cargo capacity
• Air India ExpressIndian (formerly Indian Airlines) and Alliance Air
• Indonesia
• Garuda Indonesia
  • Figure 58: Trend in Garuda's passengertraffic 1991-2003
• Japan
• Japan Airlines Corporation (JAL)
  • Figure 59: The Japan Airlinesinternational fleet, end 2004
• All Nippon Airways (ANA)
  • Figure 60: All Nippon Airlines passengerrevenues 2000-04 (in ¥m)
  • Figure 61: Trends in All NipponAirline's operating income and margins
• Korea
• Korean Air
  • Figure 62: Korean Air's fleet as ofJanuary 2006
• Asiana Airlines, Inc
• Malaysia
• Malaysia Airlines (MAS)
  • Figure 63: List of five largestshareholders in Malaysia Airlines
• Royal Brunei Airlines (RBA)
• Myanmar (Burma)
• Myanmar Airways International
• North Pacific Ocean Islands and South Pacific Ocean Islands
• Air Vanuatu and Solomon Airlines
• Air Rarotonga
• Air Fiji
• Air Pacific
• New Zealand
• Air New Zealand
  • Figure 64: Historical Summary of keyoperating statistics
• Pakistan
• Pakistan International Airlines
  • Figure 65: Pakistan InternationalAirlines' turnover by region, FY 2004/05
• Aero Asia International
• Shaheen Air International
• Airblue
• The Philippines
• Philippine Airlines
• Singapore
• Singapore Airlines (SIA)
  • Figure 66: Singapore Airlines' financialperformance
  • Figure 67: Singapore Airlines' stockprice
• SilkAir
• Taiwan
• China Airlines
  • Figure 68: China Airlines fleet
• EVA Air
  • Figure 69: Eva Air operating data for 2005
  • Figure 70: Eva Air freight data for 2005
  • Figure 71: Eva Air employees: as of March2006
  • Figure 72: Eva Air's financialperformance 2000-04
  • Figure 73: Eva Air's fleet
• Thailand
• Thai Airways International (THAI)
  • Figure 74: Aircraft delivery schedule forThai
• Vietnam
• Vietnam Airlines
  • Figure 75: Vietnam Airlines fleet of 39aircraft
• Pacific Airlines
• Outlook
  • Figure 76: International air trafficgrowth by key route area, 2005-09
  • Figure 77: Top five countries by rate ofgrowth for international traffic, 2005-09
  • Figure 78: The fastest growingAsia-Pacific countries for international passenger air transport,2005-09
  • Figure 79: The fastest growing Asiancountries for international air cargo transport, 2005-09