NEW DELHI, 22 February 2006 — The promoters of SpiceJet today, while clarifying on the misleading news published in section of press said that they have no plans to divest their stake in the Company to any other airline and have categorically denied any strategic stake sale to Kingfisher Airlines.

“The Kansagra family is fully committed and confident about the project and have no plans for divestment especially when the airline is performing well and is moving towards profitability” said Mr. Bhulo Kansagra, Director SpiceJet.

Mr. Ajay Singh Director SpiceJet said, “Mr. Kansagra made the investment in this project in year 2000 and has been supporting it financially and emotionally. Mr. Kansagra has stayed with this project through thick and thin ever since he first put in the money.” “I would like to confirm that the participation of Mr. Kansagra and his family in SpiceJet will continue and there is no plan by him or his family to dispose off their stake,” he said.

The Company has also on Tuesday agreed to convert options for 10 Boeing 737 planes into firm orders and take an additional 10 options in a deal worth $1.4 billion at list price.