Tiger Airways : Tigerair makes progress in its recent alliance with Cebu Pacific

Tigerair and Cebu Pacific have today completed the transaction announced two months ago, with Tigerair divesting its 40% stake in Tigerair Philippines to Cebu Pacific as part of the strategic alliance between the two airlines.
The wide-ranging alliance will enable both parties to leverage their strengths and collaborate in international and domestic air routes from the Philippines, creating the largest budget airline network between the Philippines and South East Asia. The long term partnership will enable Tigerair to tap on Cebu Pacific's extensive network in the Philippines and North Asia, while Cebu Pacific will be able to extend their network to include Australia and India. Using interline arrangements, both parties will be able to increase flight frequencies and jointly sell and market their routes.
Group CEO of Tigerair, Mr Koay Peng Yen said, "I am delighted that both parties are making good progress on the strategic alliance with the completion of transaction. We aim to set a new direction for budget airline partnerships that will enhance the convenience and experience of our customers."
President and CEO of Cebu Pacific, Mr. Lance Gokongwei said, "The strength of the alliance lies in our ability to offer our trademark lowest fares to the largest low cost network to the region. The alliance gives us an opportunity to serve new markets, like India and Australia, as we expand our route network with Tigerair."
Upon completion of the transaction, Tigerair Philippines will continue to operate under the Tigerair brand for the time being. Both Cebu Pacific and Tigerair websites will also be used as sales and distribution platform to market all routes operated by them. Both parties are actively working together to upgrade their websites to facilitate the cross-booking of flights.

Subject to approval by the Competition Commission of Singapore ("the Commission"), the interline partners will also be able to jointly operate common routes between Singapore and

the Philippines, thus providing even more travel options for customers. Both parties are currently co-operating on the application to the Commission to further strengthen the partnership.
Under the agreement, Tigerair Philippines has returned two A319s to Tigerair, while Cebu Pacific has entered into a short-term aircraft lease agreement with Tigerair to allow Tigerair Philippines to continue to use three A320 aircraft.

Tigerair, established in 2004, is a leading Singapore-based no-frills airline that offers affordable travel options and a seamless customer experience.

Tigerair comprises three airlines, namely Tigerair Singapore, Tigerair Mandala and Tigerair Australia. Collectively, the Group's network extends to over 50 destinations across 14 countries in the Asia Pacific. As at 20 March 2014, Tigerair operates a fleet of 52 Airbus A320-family aircraft, averaging less than three years of age.

Tigerair empowers travellers to explore new destinations, and accumulate memorable experiences, by offering an increased network of destinations. It is also committed to maintaining the highest standards of safety, security and reliability. For more information, please visit www.tigerair.com

Yu Jierong

DID: (65) 6422 2388

Email: mediarelations@tigerair.com

Lauren Chan

DID: (65) 6422 2336

Email: investorrelations@tigerair.com

Cebu Air Inc. is the largest carrier in the Philippine air transportation industry, offering its low-cost services to more destinations and routes with higher flight frequency within the Philippines than any other airline.

CEB currently operates a fleet of 50 aircraft composed of 10 Airbus A319, 30 Airbus A320, 3 Airbus

A330 and 8 ATR-72 500 aircraft. Its fleet is one of the youngest aircraft fleets in the world. Between

2014 and 2021, Cebu Pacific will take delivery of 12 more Airbus A320, 30 Airbus A321neo, and 3

Airbus A330 aircraft.

Email: mp.pestano@cebupacificair.com

Trina E. Asuncion

Email: investorrelations@cebupacificair.com

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