Statement from Kingfisher Airlines

Mumbai, July 5, 2012—-Following misleading and factually incorrect reports appearing in a section of the press, Kingfisher Airlines Ltd. would like to clarify that it is patently wrong and false to claim or state that banks have started recovery proceedings after a meeting of the consortium of bankers today.

The meeting was scheduled as an update meeting and there was no discussion on commencement of recovery proceedings.

Kingfisher House has been lying vacant after the staff moved to our new offices at The Qube in Mumbai, and at that time itself, on our own accord, we approached the banks with a proposal to liquidate this unutilized asset and at today’s meeting we raised the issue of this pending approval.