Completion of the Subscription for 33% of the Issued Shares in the Capital of PT Mandala Airlines

The board of directors ("Board") of Tiger Airways Holdings Limited ("Company") refers to the announcement dated 23 September 2011 in respect of the entry by its wholly-owned subsidiary, Roar Aviation Pte. Ltd., into a share subscription agreement with PT Mandala Airlines ("Mandala") dated 23 September 2011 for the subscription of 22,618,594 new Class C shares in the issued share capital of Mandala, representing approximately 33% of the enlarged issued capital of Mandala on a fully diluted basis (the "Subscription").