Tiger Airways’s EOGM – Resolution 1: The Rights Issue and the Preferential Offering Resolution & Resolution 2: The Whitewash Resolution in Relation to the Concert Party Group

Date: March 14, 2013

SIAS met with the Group CEO of Tiger Airways Holdings, Mr Koay Peng Yen at SIAS office today to discuss the updates of Tiger Airways and the resolutions to be put forward at the up coming Extraordinary General Meeting. The meeting was called to determine if the resolutions are in the interest of shareholders. SIAS raised the need for the two resolutions and that the resolutions are in fact in shareholders’ interest. SIAS is pleased that Tiger Airways responded positively to our concerns on behalf of shareholders.

SIAS was advised that the rights issue will in fact strengthen the balance sheet of the company and reduce gearing. In addition, the funds will be used for growth and payment of 25 aircraft on order.

SIAS was also re-assured that SIA as Tiger Airways’ largest shareholder, has given the undertaking that SIA would be subscribing to it’s allocation of the rights and any other unsubscribed rights up to a total ownership of 49.9% and the excess of Perpetual Convertible Capital Securities (PCCS) offered which SIAS finds should be comforting to the minority shareholders.

For the above reasons, SIAS supports the resolutions.

David Gerald
President & CEO