New Delhi, 14th August 2006: India’s prefer low cost carrier SpiceJet and Babcock & Brown Aircraft Management (BBAM) along with its long-term strategic partner Nomura Babcock & Brown Co., Ltd. (NBB) announced the signing of a sale and lease back agreement covering sixteen brand-new Boeing 737-800/-900ER aircraft valued at over US$ 1.1 billion based on the manufacturer’s list prices. The aircraft will be deliver over approximately 22 months beginning in January 2007. Earlier in the year, SpiceJet completed a similar financing with BBAM for its first four B737-800 aircraft deliveries. Together with today’s announcement, SpiceJet has now completed the financing of its first twenty aircraft orders for Boeing 737-800/-900ER aircraft.

Commenting on the deal, Steve Zissis, President of BBAM said “we are very pleased to be SpiceJet’s prefer lessor and aircraft financing partner and believe the introduction of these aircraft, along with SpiceJet’s low-cost business model will further improve its dominance in the Indian market.”

SpiceJet’s Chairman, Siddhanta Sharma termed the deal as ‘landmark in the history of company’s evolution’ and said “BBAM and Nomura are one of the world’s top aircraft financiers and their faith in SpiceJet makes us proud. The newly acquisition capacity will go a long way to augment our network in the country and would greatly assist us in fulfilling our vision of being India’s most prefer Low Cost Carrier.”