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AirAsia Berhad (“the Company” or “AirAsia”) wishes to announce that in response to the recent share acquisition of 49.6% of Shin Corporation Public Company Limited (“ShinCorp”) and in order to comply with the requirements of the Thai civil aviation regulations, ShinCorp has agreed to liquidate its 50% shares in Thai AirAsia Limited to a new Thai holding company, Asia Aviation Company Limited. The shareholders of Asia Aviation Company Limited consists of ShinCorp (49%) and Mr. Sittichai Veerathummnoon (51%).
There is no change to the equity held in Thai AirAsia Limited by AA International Limited (49%), a subsidiary of AirAsia and Mr. Tassapon Bijleveld (1%), the Chief Executive Officer of Thai AirAsia.

Under the new shareholding structure, AirAsia, Thai AirAsia and ShinCorp will continue their strong co-operation and partnership and remain committed to developing the growth and expansion of Thai AirAsia.

This announcement is dated 15 February 2006.