TIGER AIRWAYS HOLDINGS LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: W

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1 TIGER AIRWAYS HOLDINGS LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: W TIGER AIRWAYS ALMOST TRIPLES PROFIT BEFORE TAX TO $57.0 MILLION FOR THE FINANCIAL YEAR ENDED 31 MARCH 2011 Group profit before tax of $57.0 million for the financial year ended 31 March 2011, versus a profit before tax of $19.9 million for the previous year 9.2% profit before tax margin for the financial year ended 31 March % return on equity for the financial year ended 31 March 2011 Profitable results driven by revenue improvement and cost containment Re-allocation of Group capacity in current financial year, to take advantage of robust economic conditions in Asia Singapore, 19 May Tiger Airways Holdings Limited ( the Company ) today announced its results for the financial year ended 31 March Profit before tax for the financial year ended 31 March 2011 was $57.0 million, almost tripling the $19.9 million profit recorded for the financial year ended 31 March The Group recorded a 9.2% profit before tax margin for the financial year. Profit after tax for the year was $39.9 million, an increase of 41.5% versus the prior year. The tax provision of $17.1 million includes an accounting adjustment of $6.5 million relating to a portion of the previously recognised deferred tax asset for Tiger Airways Australia. Revenue growth of 28.0% to $622.2 million from $486.2 million was ahead of both passenger and seat capacity growth of 22.5% and 21.6% respectively. Cost per Available Seat Kilometre (CASK) excluding fuel and foreign exchange movements reduced by 2.5%. The Group load factor increased to 85.8% for the financial year. Profit before tax for the quarter ended 31 March 2011 was $10.2 million, a $2.6 million decrease compared to the quarter ended 31 March 2010, as a result of a 32.9% increase in fuel prices and lower revenues due to the weather events that impacted Tiger Australia s performance in the final quarter of the financial year. Tony Davis, President and Group CEO, said: Given the difficult and uncertain trading conditions, the Group s full year result represents a solid performance. Almost tripling our profit before tax to $57.0 million, more than doubling last year s PBT margin from 4.1% to 9.2% and achieving a 20.5% return on equity reflects the firm platform we have prudently built over the last seven years. Revenue growth of 28.0% was well ahead of passenger and seat capacity growth of 22.5% and 21.6% respectively, and reflects our established revenue management systems. Ancillary revenue grew by 8.8% to $ 21.0 per passenger with new products such as Stripes, boardmefirst, switchmyflight and web check-in continuing to be well received by customers.

2 Total operating costs per seat increased 2.8% over the previous financial year to $82.6 as a result of higher fuel costs, whilst controllable costs per seat (total operating costs excluding fuel and foreign exchange movements) decreased 2.0%, reflecting our ongoing efforts in targeting all non-essential costs. Total revenue per passenger, including ancillary revenues, increased by 4.5% to $104.3 versus $99.8 in the prior year. Tiger Airways Singapore produced a strong financial performance, highlighting the fact that the airline has the right model to take advantage of the solid demand and robust economic environment in Asia. Tiger Airways Singapore will grow its capacity for the first six months of the year by at least 40%. Tiger Airways Australia experienced a challenging year and as a consequence seat capacity will now be kept in line with the previous year. This strategy will simplify our domestic Australian operations and focus the business on profitable routes to generate improved returns from our Australian business. Looking ahead, we are well placed to continue to expand and evolve our existing businesses, to develop our partnership with South East Asian Airlines in the Philippines, to progress with the establishment Thai Tiger Airways in Thailand, and to commence work with respect to our proposed investment in Mandala Airlines of Indonesia a planned investment that we announced today, said Mr. Davis. Other key points to note: Tiger Airways Singapore delivered an operating profit of $53.8 million for the financial year ended 31 March The strong result was reflective of solid demand and robust economic conditions in Asia. Tiger Airways Singapore increased its fleet by four aircraft during the financial year to end the year with 14 Airbus A320-family aircraft. Tiger Airways Australia delivered an operating loss of $9.0 million for the financial year ended 31 March Challenging operating conditions in the financial year impacted on the Tiger Airways Australia result, with weather events significantly impacting on its performance in the fourth quarter. Outlook Statement from the Company Given the growth opportunities in Asia and our ongoing focus to optimise Group profitability, Tiger Airways Singapore has increased its Northern Summer 2011 seat capacity by 41% year-on-year. As part of a strategic network review, Tiger Airways Australia will maintain seat capacity at last year s level. Forward load factors continue to track broadly in line with the recent trend. Whilst fuel price volatility remains a concern, the Group has adopted a number of revenue initiatives to mitigate cost pressures. The Group is maintaining its plan to grow its fleet to 35 Airbus A320-family aircraft by 31 March 2012, a net increase of nine aircraft from the 26 Airbus A320-family aircraft in its fleet as at 31 March 2011.

3 ABOUT TIGER AIRWAYS HOLDINGS LIMITED 1 (SGX: J7X) (Company Registration Number: W) (incorporated with limited liability in the Republic of Singapore on 1 February 2007) Established in September 2004, Tiger Airways operates a fleet of 26 Airbus A320 aircraft and is committed to increasing its fleet size to 68 by December Tiger Airways currently serves 35 destinations in 12 countries and territories across Asia and Australia. In addition, 2 Airbus A319 aircraft are independently operated by SEAIR in the Philippines under a Partner Airline Programme. For more information, please visit 1 The initial public offering of the Company was sponsored by Citigroup Global Markets Singapore Pte. Ltd. and Morgan Stanley Asia (Singapore) Pte. (the Joint Issue Managers ). The Joint Issue Managers assume no responsibility for the contents of this announcement.

4 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 4 th QUARTER AND FINANCIAL YEAR ENDED 31 MARCH 2011 (in $ million) The Group The Group 4th Quarter 4th Quarter Revenue Passenger seat revenue Ancillary revenue Total revenue Expenses Fuel costs: Actual fuel costs Fuel hedging (gain)/loss (3.2) (0.5) (3.5) 21.7 Staff costs Aircraft rental Airport and handling Maintenance, material and repair Route charges Marketing and distribution costs Depreciation Exchange loss/(gain) (6.3) Others Operating profit Finance income Finance expense (1.7) (0.5) (4.7) (0.8) Exchange gain on borrowings Expenses relating to initial public offering (0.7) (8.3) Profit before taxation Taxation Current (2.4) (3.3) (10.6) (4.5) Deferred tax (6.5) 12.8 (6.5) 12.8 Profit for the period/year attributable to shareholders of the Company Earnings per share (cents per share) - Basic Diluted

5 OPERATING STATISTICS FOR THE 4 TH QUARTER AND FINANCIAL YEAR ENDED 31 MARCH th Quarter 4 th Quarter YTD YTD Passengers (thousand) (1) 1,564 1,353 5,968 4,872 RPK (millions) (2) 2,164 1,810 8,209 6,768 ASK (millions) (3) 2,592 2,099 9,583 7,847 Passenger load factor (%) (4) Average passenger fares ($) Average ancillary revenues per passenger ($) Revenue per ASK (cents) (5) CASK (cents) (6) CASK excluding fuel and forex (cents) (7) Average sector length (8) 1, , , ,371.0 (1) Number of earned seats flown by Tiger Airways. (2) Represents revenue passenger kilometres, which is the number of paying passengers carried on scheduled flights multiplied by the number of kilometres those passengers were flown. (3) Represents available seat kilometres, which is the available seat capacity multiplied by the number of kilometres those seats were flown. (4) Represents the number of passengers as a proportion to the available seat capacity (180 seats available for our Airbus A320 aircraft). (5) Calculated as our total revenue divided by ASK. (6) Represents cost per available seat kilometre. Calculated as total operating costs divided by ASK. (7) Calculated as total operating costs (excluding fuel costs and forex difference) divided by ASK. (8) Represents average number of kilometres flown per flight.

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