Tiger Airways Holdings Limited (the “

Pursuant to the Rights Issue, up to 164,306,044

Pursuant to the Preferential Offering, up to S$220,000,000 in aggregate principal amount of 2.0 per cent. perpetual convertible capital securities (the “

The Issue Price of the Rights Shares represents a discount of approximately 34 per cent. to the last traded price of S$0.715 per Share on 4 March 2013, being the date of this announcement, and a discount of approximately 30 per cent. to the theoretical ex-rights price

The issue price of the Convertible Securities is 100 per cent. of the principal amount of the Convertible Securities (the “

The conversion price at which each Convertible Security can be converted to Conversion Shares (the “

The Conversion Price will be fixed at a premium of 15.0 per cent. above the volume weighted average price (“Issue Price of the Convertible Securities”).Conversion Price”) will be determined by the Company after trading closes on the price fixing date, which is expected to be two Business Days before the date of the close of the Preferential Offering (the “Price Fixing Date”).VWAP”) of the Shares over five (5) consecutive trading days ending on and including the Price Fixing Date (the “Reference Price”), and rounded down to the nearest whole multiple of 0.5 cent, subject to a minimum Conversion Price of S$0.650 (the “Minimum Conversion Price”) and a maximum Conversion Price of S$0.900 (the “Maximum Conversion Price”), and further subject to adjustments pursuant to the terms and conditions of the Convertible Securities (“ Terms and Conditions”).Company or “Tiger Airways”) wishes to announce that it is proposing to undertake a renounceable rights issue (the “Rights Issue”) and a nonrenounceable preferential offering (the “Preferential Offering”) to the Entitled Shareholders (as defined herein) to raise gross proceeds of approximately S$297 million.1 new ordinary shares in the capital of the Company (the “Rights Shares”) will be issued at an issue price of S$0.47 for each Rights Share (the “Issue Price of the Rights Shares”) on the basis of one (1) Rights Share for every five (5) existing ordinary shares in the capital of the Company (the “Shares”) held by shareholders of the Company (the “Shareholders”) as at a time and date to be determined by the directors of the Company (the “Directors”) for the purpose of determining the Shareholders’ entitlements under the Rights Issue (the “Books Closure Date”), fractional entitlements to be disregarded.Convertible Securities”) will be issued in the denomination of S$1.07 for each Convertible Security, on the basis of one (1) Convertible Security for every four (4) Shares held by Shareholders at the Books Closure Date, fractional entitlements to be disregarded. The Convertible Securities are convertible into fully paid-up new Shares (the “Conversion Shares”) based on the Conversion Price (as defined herein) and on such terms and conditions as set out in the Appendix.2 (“TERP”), of S$0.674 per Share.