A Member of Bank of China Group

Press Release

SALE Appoints New Deputy Managing Director

16 Jul 2001

SINGAPORE – 16 July 2001 – Singapore Aircraft Leasing Enterprise (“S.A.L.E.”) has appointed its Chief Financial Officer (CFO), Phang Thim Fatt, as Deputy Managing Director with immediate effect. Mr Phang, who will continue to serve as CFO, will have additional responsibility for all cost functions as well as for the Human Resource and Legal departments within the Company. As CFO, he will also continue to be responsible for the Finance, Treasury, IT and Administration departments.

Mr Phang joined S.A.L.E. in 1996 as CFO and, in this role, has been largely responsible for the pricing of aircraft leases to achieve S.A.L.E.’s target return on equity; sourcing financing at competitive rates; overall corporate financial planning; and assisting in the day-to-day management of the Company’s aircraft leasing business. He has also provided strategic direction for S.A.L.E.’s financing business including spearheading capital raising exercises and managing the Company’s internal resource development. Some of his notable achievements at S.A.L.E. include the development and broadening of S.A.L.E.’s relationship with over 60 banks and financial institutions, as well as the arrangement of S.A.L.E.’s first Singapore dollar bond issue in May 2000.

Prior to joining S.A.L.E., Mr Phang was with Singapore Airlines (SIA) for 17 years from 1979 to 1996 during which he attained the position of Manager, Funding and Currency. His main responsibilities at SIA were to source financing for the Company including arranging leveraged leases and tax-based deals so as to reduce the overall cost of aircraft acquisitions; to minimise foreign exchange exposure; and to manage revenue surpluses. He was also a member of the SIA project team set up in 1991 to explore the feasibility of setting up an aircraft leasing subsidiary business which culminated in the formation of S.A.L.E. in 1993.

Robert Martin, Managing Director of S.A.L.E. said, “The appointment of a Deputy Managing Director reflects the strong and continued growth of our international leasing business and the commensurate expansion of managerial responsibilities. The appointment is part of S.A.L.E.’s on-going development of key internal functions that in the last financial year alone has seen the creation of structured finance and marketing positions and growth in staff numbers from 26 to 33 worldwide. “

He added, “Phang was promoted based on his solid expertise in the aircraft financing industry, his knowledge of the leasing industry and his management capabilities, assets which will serve him well in his expanded portfolio and which will benefit the company as it continues to build on its growth trajectory.”

About S.A.L.E.

S.A.L.E. is one of the world’s leading aircraft leasing businesses headquartered in Singapore, and was established in 1993. S.A.L.E. currently has 33 aircraft on lease to 19 airlines in 14 countries around the globe, with lessees including America West, Emirates, Korean Airlines, Malaysian Airlines, Monarch Airlines and Qatar Airways. The company has assets in excess of US$1.6 billion and has experienced significant growth in profits each year since its formation.

For further information, please contact:
Weber Shandwick Worldwide - Geeta Mirchandani on +65 825 8083