tiger airways holdings limited

2q fy12-13 and 1h fy12-13 results quarter ended 30 september 2012

30 october 2012 Results Snapshot

Revenue for the quarter grew 79%, driven by increased capacity, stronger yield, and higher load factor 2Q net loss narrowed to $18m on the back of higher revenue

SGD‘m 2Q13 2Q12 Y-o-Y chg 1H13 1H12 Y-o-Y chg

Revenue 197 110 79% 378 289 31%

Expenses 208 151 38% 401 342 17%

Operating Loss (11) (41) (72%) (23) (53) (56%)

Loss After Tax (18) (50) (63%) (32) (70) (55%)

Basic Loss Per Share (2.23) (8.64) (74%) (3.90) (12.21) (68%)

1 2Q13 Revenue

Traffic (in RPK) increased 47.2%, from 1,760m (2Q12) to 2,591m (2Q13), mostly due to more flights flown by TT Yields (in RPKM) increased 21.2%, from 6.14 cents to 7.44 cents, mainly due to higher yield from TR

2 2Q13 Expenses

Key operating statistics: ($’000)

RPK increased 47.2% to 2,591 million y-o-y 86,039 Fuel Costs 56,145 ASK increased 42.1% to 3,126 million y-o-y 28,621 CASK fell 3.1% to 6.66 cents y-o-y Staff costs 24,249

21,548 Airport & handling 13,325

Maintenance, 20,743 material & repair 19,673

19,608 Aircraft rental 13,092

8,880 Route charges 4,271

8,128 Depreciation 7,950

14,588 Others 12,410

0 20,000 40,000 60,000 80,000100,000

2Q13 2Q12 3 Operating Statistics

Number of passengers and traffic (RPK) trending upwards since suspension in 2Q12

2,600

2,525 2,591 2,200 2,349 2,104 2,105 1,800 1,774 1,760 1,400 1,640 1,430 1,290 1,304 1,000 1,096

600

200 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Pax No. (thousand) Traffic, RPK (mil)

4 Operating Statistics

Passenger load factor trending over 80% in 1H13 Yield has come under pressure in the last 3 quarters due to intense competition in Australia domestic market. 1H13 yield improvement year-on-year

(%) (cents) 7.89 100 7.53 7.59 7.44 8.00 7.04 95 7.00 6.14 90 6.00 85 85.5 80 83.3 82.9 5.00 80.0 80.1 75 78.9 4.00

70 3.00 65 2.00 60 55 1.00 50 0.00 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Pax load factor (%) Yield, Revenue per RPK (cents) 5 Balance Sheet

As at 30 September 2012 SGD‘m 30-Sep-12 31-Mar-12 Total equity dropped to SGD216m, mainly due to Group Assets losses incurred for the first six Cash 107 161 months Property, Plant and Equipment 793 832 Total assets decreased slightly to Other Assets 106 79 SGD1,006m, mainly due to Total Assets 1,006 1,072 reduction in cash balances for Liabilities repayment of bank borrowings Total Debt 499 584 Total liabilities decreased to Other Liabilities 291 239 SGD790m, mainly due to lower Total Liabilities 790 823 bank loans Total Equity 216 249 Net Debt 392 423 Net Debt/Equity Ratio 1.8 1.7

6 Cash Flow Movement

Operating cashflow generated $31.9m, mostly from increase in forward sales and a higher payables net of receivables Financing cashflow was due mostly to repayment of bank loans

Proceeds from aircraft sale Increase in forward Repayment sales of bank loans Higher payables net of receivables

7 Operating Statistics

2Q13 2Q12 % Change 1H13 1H12 % Change

Passengers booked (thousands) 1,640 1,096 49.5 3,070 2,871 6.9 Revenue passenger-kilometres, RPK 2,591 1,760 47.2 4,941 4,285 15.3 (mil) Available seat-kilometres, ASK (mil) 3,126 2,199 42.1 5,947 5,153 15.4 Passenger load factor, RPK/ASK (%) 82.9 80.0 2.9 pts 83.1 83.2 (0.1) pt Average passenger fares ($) 93.0 80.3 15.9 97.2 80.1 21.4 Average ancillary revenues per 22.8 17.9 27.4 22.6 19.1 18.3 passenger ($) Revenue per RPK (cents) 7.44 6.14 21.2 7.51 6.67 12.6 Cost per ASK, CASK (cents) 6.66 6.87 (3.1) 6.75 6.64 1.7 CASK excluding fuel and forex 3.79 4.00 (5.2) 3.86 3.74 3.2 (cents) Breakeven load factor (%) 89.5 112.0 (22.5) pts 89.8 99.5 (9.7) pts Aircraft utilisation (block hours per 10.5 7.9 32.2 9.9 9.6 3.6 aircraft per day) Average sector length flown (km) 1,557.3 1,598.3 (2.6) 1,580.9 1,496.1 5.7

8 Tiger

% % Period ($m) 2Q13 Change 1H13 Change 2Q13 Total Revenue 133 32.9% 271 28.3 Continued turnaround Total Expenditure 128 14.4% 262 21.6% with operating profit of Operating Profit 5 n.m. 9 n.m. $5m compared to a loss of $12m y-o-y Pax booked (thousands) 1,017 2.3 2,052 3.7 Healthy load factors as Revenue pax-km, RPK (mil) 1,847 11.8 3,685 12.4 capacity is better matched Available seat-km, ASK (mil) 2,249 10.1 4,408 12.1 with demand. Passenger load factor improved from Passenger load factor (%) 82.1 1.2 pt 83.6 0.2 pt 80.9% to 82.1%

Developments & Outlook Successfully flew 100% of all scheduled flights in 1H13 Moved from Budget Terminal to new den at Terminal 2 in Sep-12 New services to Hyderabad from Sep-12 and Phnom Penh from Oct-12 Tiger Singapore- collaboration commenced from Oct-12 Continue to grow capacity at a measured pace 2H13 ASK forecasted to grow 17% y-o-y 9 Tiger Australia

% % Period ($m) 2Q13 Change 1H13 Change 2Q13 Total Revenue 62 n.m. 104 38.5 Tiger Australia narrowed Total Expenditure 82 n.m. 145 15.5% operating losses from Operating Profit (20) (26.5%) (41) (18.6) $27m (2Q12) to $20m (2Q13) Pax booked (thousands) 622 n.m. 1,017 14.1 Tiger Australia operated at Revenue pax-km, RPK (mil) 744 n.m. 1,256 24.6 significantly reduced Available seat-km, ASK (mil) 877 n.m. 1,538 25.9 capacity and on a limited schedule last year Passenger load factor (%) 84.8 15.9 pt 81.6 (0.8) pt

Developments & Outlook Commenced services from second base in Sydney (Jul-12) Took delivery of 11 th aircraft in Aug-12 New routes in 2H13 : Melbourne-Adelaide (Nov-12), Melbourne-Hobart (Nov-12), Melbourne-Mackay (Dec-12), Sydney-Mackay (Dec-12) Competition between the larger in the Australian domestic market is expected to continue to keep yields under pressure in the near term

Services back to pre-suspension level by Oct-12 10 Growth in SE Asia

New JVs in start-up phase, expanding their presence in the region

PT Mandala Airlines: South East Asian Airlines: Equity-accounted the share of loss up to cost of Completed acquisition of 40% stake in SEAir in investment of US$1. The Group’s share of Aug 2012 cumulative unrecognised losses was $9.2m as at Accounted $3.8m in share of loss in associate in 30 September 2012 2Q13 Mandala has a fleet of 4 aircraft; to increase to 7 SEAir has a fleet of 2 A319s and 3 A320s aircraft by end of FY13 Network expanded to include 4 international Currently serving 4 routes (-, routes and 1 domestic route out of Clark, 7 Jakarta-KL, Medan-Singapore and Bangkok- domestic routes out of Manila Jakarta) New services between Jakarta-Padang, Padang- Singapore, Denpasar-Singapore and Denpasar- Surabaya from Dec-12 11 2Q13 Developments: New Den @ T2

New Tiger flies from Singapore’s Terminal 2 from 25 Sep 2012 Successful fun-filled and glitch-free transfer from Budget Terminal to Terminal 2 Opportunities to provide enhanced customer experience from new terminal

12 2Q13 Developments: Combo flights

FlightCombo TM : purchase more than one flight in a single reservation Opens up Tiger network for multiple combo flights Expands Tiger products with minimal costs Tiger Singapore and Scoot signed agreement on wide-ranging partnership to offer joint itineraries Single booking will allow travel on joint itineraries between destinations served by Tiger and Scoot Initial destinations include Phuket, Ho Chi FlightCombo TM : Minh City and (served by Tiger); Sydney and Gold Coast (served by Scoot) 13 new destinations: Bangalore, Kochi, Hyderabad, Chennai, Thiruvananthapuram, Thiruchirapalli, Phnom Penh, Hanoi, Dhaka, Penang, Colombo, Kuching, Jakarta

13 2Q13 Developments: New Services

Web check-in for Singapore passport holders from Sep-12 tigerAPP: Mobile app on Android, iPhone and iPad from Oct-12 tigerPLUS: an add-on premium service (S$48 charge) that provides greater convenience and comfort (eg. Dedicated check-in, SATS’ premier lounge access and priority boarding service) from Oct-12 Pre-order meals before flight

14 2Q13 Developments: New Destinations

Singapore-Hyderabad and Phnom Penh flights launched in Sep 2012 and Oct 2012 respectively Australia:  Sydney-Gold Coast, and Sydney-Brisbane routes launched in Jul and Aug 2012 respectively  Melbourne-Adelaide, and Melbourne-Hobart routes to commence in Nov 2012  New Melbourne-Mackay, and Sydney-Mackay routes to commence mid-Dec Mandala:  Jakarta-Kuala Lumpur and Jakarta-Bangkok flights launched in Aug 2012  Singapore-Bali and Padang to commence in Dec 2012 SEAir:  Manila-Cebu commenced Jul 2012  Flights from Manila to Davao, Tacloban, Iloilo, Puerto Princesa, Boracay and Bacolod commenced Aug 2012

15 2Q13 Developments: Moving Forward!

Achieved Best On-Time Performance for 3 months (July- Sept 2012) in Singapore. Best performance for budget Awarded Threat-Oriented Passenger Screening Integrated System (TOPSIS) – only budget airline to receive this Delivered a 99.99% reliability performance in 2012 Strengthened management team with hiring of top aviation executives Started community engagement program to occupy position as neighborhood airline

16 tiger airways holdings limited joint venture with Joint Venture with Virgin Australia

Virgin Australia acquires 60% of Tiger Airways Australia

A$ 5m deferred 20-year Brand & A$ 35m upfront fee payment, subject to License Agreement performance targets

Stronger Tiger Airways Australia Synergies in network planning, operational management, and procurement Low-cost and internet-based distribution Use of Tiger brand and www.tigerairways.com Opportunities to grow

australia 18 Leveraging synergies for growth

Tiger Australia fleet to more than triple to 35 aircraft in five years

11 35

Stronger financial support from two shareholders – commitment of A$ 62.5m in the first five years Opportunities to expand bases and destinations Opportunities to expand to regional destinations Opportunities to deploy more low-cost capacity

19 Tiger Airways Australia Board

60% 40%

6 Board Directors  3 Virgin Board of  2 Tiger Directors  1 Independent 2-year rotating Chairmanship

australia

20 Financial Impact

Pro forma, based on Group’s financial position as at 30 September 2012

Pre- Post- ($m) transaction transaction

Gain on disposal (one-time) - 120

Total equity 216 344

Net Tangible Asset per Share (cents) 26.2 41.8

21 tiger airways holdings limited summary Summary

Continued focus on returning to profitability Tiger Singapore will continue to grow capacity at a measured pace through flight frequency increases and this will in turn improve aircraft utilisation Following the proposed joint venture with Virgin Australia, the Group expects Tiger Australia to be stronger and more competitive, upon having two strong shareholders. The joint venture will result in a stronger fleet, increased destinations, and more attractive budget offerings to customers. The completion of the share sale is subject to certain conditions precedent, including appropriate regulatory approvals in Australia, by the Australian Competition and Consumer Commission and Foreign Investment Review Board. The Company is seeking confirmation from SGX regarding the need for shareholders' approval for this transaction. The Group remains optimistic about the long-term growth potential of Indonesia’s and Philippines’ air travel market, and will continue to seek ways to derive greater synergies from these existing partnerships

23 thank you

Disclaimer These materials have been prepared by Tiger Airways Holdings Limited (the “Company”) and the information herein has not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information herein. None of the Company nor any of its affiliates or representatives accepts any liability whatsoever for any loss howsoever arising from any information herein. The information herein is subject to change without notice. These materials contain statements that reflect the Company’s current beliefs and expectations about the future. These forward- looking statements are based on a number of assumptions and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from such statements. The Company undertakes no obligations to update such statements for subsequent circumstances. This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it to (all such persons being referred to as Relevant Persons). This presentation is only directed at Relevant Persons and any investment or investment activity to which the presentation relates is only available to Relevant Persons or will be engaged in only with Relevant Persons. Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person. Other persons should not rely or act upon this presentation or any of its contents. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations. These material are highly confidential, are being given solely for your information and no part of theses materials should be copied, reproduced or redistributed to any other person in any manner or published, in whole or in part, for any purpose. By accepting this presentation, you are deemed to accept the foregoing terms and conditions and agree to keep the contents of this presentation and these materials confidential.