Deccan Aviation - Outcome of Board Meeting

Deccan Aviation Ltd has informed that the Board of Directors of the Company at its meeting held on December 19, 2007, has unanimously approved the merger of the scheduled airline business undertaking of Kingfisher Airlines Ltd into the Company. Consequently, the name of the Company will be changed to Kingfisher Airlines Ltd. Dr. Vijay Mallya will be the Chairman & CEO and Captain Gopinath will be the Vice-Chairman of the merged entity.

The charter business of the Company will be spun off into a separate entity to be jointly owned by Captain Gopinath and the UB Group. Capt Gopinath will be the Chairman and CEO and Dr. Vijay Mallya will be the Vice Chairman of the said entity.

KPMG and Dalal and Shah have been appointed as independent valuers to recommend the methodology, process and valuation for the entire process.

All the above are subject to statutory approvals including the approval of the shareholders.