Singapore

Singapore Airlines Cargo Pte Ltd, a wholly-owned subsidiary of Singapore Airlines Limited, is today signing an agreement to form a joint venture cargo airline with China Great Wall Industry Corporation (CGWIC) and Dahlia Investments Pte Ltd, a wholly-owned subsidiary of Temasek Holdings (Pte) Ltd.

The new cargo airline, named "Great Wall Airlines Company Limited", will be incorporated in Shanghai, China.

CGWIC will own 51 per cent of the joint venture, Singapore Airlines Cargo will own 25 percent, and Dahlia Investments will own 24 percent. Singapore Airlines Cargo's stake of 25% is the maximum that a foreign airline investor is allowed.

Singapore Airlines Cargo's investment in the joint venture over the next three years is projected at RMB250million.

Great Wall Airlines plans to begin operations in the first half of 2006. Besides destinations within China, it plans to operate wide body freighters to the major cargo markets in USA, Europe, North East Asia and South West Asia.

About Singapore Airlines Cargo

A wholly-owned subsidiary of Singapore Airlines, SIA Cargo operates a fleet of fourteen Mega Ark Boeing 747-400 freighters on a global network that extends to 68 cities in 35 countries.

Two new Boeing 747-400 freighters are scheduled to join the fleet later this year and the airline also has orders for three Boeing 747-400 passenger to freighter conversions, which will be delivered between 2007 and 2009.

About China Great Wall Industry Corporation

China Great Wall Industry Corporation (CGWIC) is a large State-owned Enterprise established in 1982. Its core business is international trade and commercial satellite launch services. Since 1992, CGWIC has been engaged in the CIS cargo charter business, and has up to one third of the charter market share. The establishment of the Great Wall joint venture airline expands the business scope of CGWIC, to be a major player in mainstream international air cargo market.

About Temasek Holdings (Pte) Ltd

Temasek Holdings is an Asian investment company headquartered in Singapore.

Established in 1974, it manages a diversified global portfolio of S$90 billion, spanning Singapore, Asia and the OECD economies. Its investments are in a range of industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences.

Singapore-based Temasek-linked companies include listed firms such as Singapore Airlines, SingTel, DBS Bank, SMRT Corporation and Neptune Orient Lines. Its recent investments include ICICI Bank, Matrix Laboratories and the Apollo Hospital group in India, Bank Danamon and Bank Internasional Indonesia in Indonesia, Quintiles Transnational Corp in the US, as well as Telekom Malaysia.