THAI and Tiger Airways Sign Shareholders Agreement

In accordance with the Memorandum of Understanding signed on 2 August 2010 between Thai Airways International Public Company Limited (“THAI”) and Tiger Airways Holdings Limited (“Tiger Airways”), the Parties have now signed the Shareholders Agreement necessary to establish Thai Tiger Airways Company Limited (“Thai Tiger”). The incorporation of Thai Tiger will occur after the necessary investment approvals have been granted by the Thai authorities.

THAI and Tiger Airways are pleased to welcome RyanThai Limited (“RyanThai”) as a co-investor in Thai Tiger. RyanThai will be represented on the Thai Tiger board by Mr. Declan Ryan. Mr. Ryan was one of the founding shareholders of both Tiger Airways and Ryanair. His involvement signals his strong commitment to the airline and brings invaluable low cost airline experience to Thai Tiger. RyanThai will hold 10.0% of the paid-up share capital of Thai Tiger, and Tiger Airways will hold 39.0% of the paid-up share capital, while THAI will hold 49.9% of the paid-up share capital and Promoters (Thai individual shareholders) will hold 1.1% of the paid-up share capital.

Once Thai Tiger has been incorporated, a formal application for an Air Operator’s Certificate will be lodged.