Jagson Airlines Open Offer

Mefcom Capital Markets Ltd ("Manager to the Offer") on behalf of Jagson International Ltd ("Acquirer") along with Mr. J. P. Gupta, Mr. Pradeep Gupta, Ms. Ravinder Hora, Gaurav Portfolio Pvt Ltd and Gagar Holdings Ltd (PACs) has issued this Public Announcement ("PA"), to the shareholders of Jagson Airlines Ltd ("Target Company"), pursuant to and in compliance with Regulations 11(2) and 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 (SEBI (SAST) Regulations] and subsequent amendments thereto.

The Offer

The Acquirer alongwith PACs is making an offer to the shareholders of the target Company to acquire upto 40,33,796 fully paid up equity shares of Rs 10/- each of the Target Company, representing 20% of paid up equity share capital (post conversion) at a price of Rs 20.11 per equity ("Offer Price") payable in cash, subject to terms and conditions mentioned hereinafter (the "Open Offer" or "Offer") in pursuance of Regulation 11(2) and 12 of the SEBI (SAST) Regulations.

Schedule of Activities:

Specified Date: December 17, 2007

Date of Opening of the Offer: January 03, 2008

Date of Closing of the Offer: January 24, 2008