THAI and Tiger Airways to launch "Thai Tiger" new Low Fare Airline in Bangkok

Thai Airways International Public Company Limited (THAI) and Tiger Airways Holdings Limited today announced the signing of a Memorandum of Understanding to form a new low fare airline called Thai Tiger Airways Private Limited. The new airline will operate the same low fare, low cost model as the other airlines in the Tiger Airways Group, and is expected to commence operations in the first quarter of 2011, pending regulatory approvals.

Based in Bangkok, Thai Tiger will operate international and domestic flights out of
Suvarnabhumi International Airport offering short-haul, point-to-point services within a 5-
hour flying radius. The route network and further information on the corporate structure
will be announced in due course.

Mr. Piyasvasti Amranand, THAI President, said, "We are pleased to partner with Tiger
Airways in establishing Thailand's newest airline, Thai Tiger. With its disciplined
approach to the low-cost model, Tiger Airways has proven that it has the right approach to
competing effectively in the growing low fare travel market in Asia. For people in
Thailand and the region, our launching Thai Tiger will mean that in addition to the global
network of premium services operated by THAI, more people will have access to new low
fare, point to point services, giving a big boost to tourism and employment. THAI and a
Thai entity will collectively hold 51% while Tiger Airways will hold 49%. The Thai Tiger
Board will consist of three nominees from THAI and two nominees from Tiger Airways,
with the Chairmanship being held by THAI.

We believe that this move will provide revenue opportunities for THAI and allow THAI to
be more competitive in the region with the anticipated growth in the low cost market as a
result of continued ASEAN air liberalization policies by 2015 which we expect will lead to
growth in air travel in the Asian market. Thai Tiger will offer an entirely different line of
products to that offered by THAI.

Mr. Tony Davis, Tiger Airways Group President and CEO, said, "Thai Tiger will be well
positioned to offer low fares to even more parts of the Asia-Pacific region from its base in
Asia's tourism leader, Thailand. Bangkok is a key gateway to the whole of South East Asia
and from its base at Suvarnabhumi Airport, Thai Tiger will be well positioned to also serve
destinations in North Asia and the Indian sub-continent. Spreading our paw-print means
greater economies of scale for Tiger Airways, which in turn enables us to lower costs and
fares even further."

Tony Davis and Ryanasia principal Declan Ryan will sit on the Board of Thai Tiger as
nominees for Tiger Airways. Declan Ryan was one of the founding shareholders of both
Tiger Airways and Ryanair.

Thai Tiger will operate a consistent Airbus A320 aircraft fleet in line with other airlines in
the Tiger Airways Group.