SINGAPORE AIRLINES GROUP SINGAPORE AIRLINES GROUP ANALYSTS / MEDIA BRIEFINGANALYSTS / MEDIA BRIEFING

Half Year and 2Half Year and 2ndnd Quarter FY2008Quarter FY2008--09 RESULTS 09 RESULTS

7 NOVEMBER 20087 NOVEMBER 2008

THE PARENT AIRLINETHE PARENT AIRLINE1H FY20081H FY2008--0909

RESULTSRESULTS

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY RESULTS RESULTS –– 1H FY08/09 ($ million)1H FY08/09 ($ million)

36.636.6––781.1781.1495.2495.2Operating ProfitOperating Profit

22.322.3++(5,280.5)(5,280.5)(6,458.8)(6,458.8)Total ExpenditureTotal Expenditure

14.714.7++6,061.6 6,061.6 6,954.06,954.0Total RevenueTotal Revenue

% Change% Change1H/071H/071H/081H/08

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– 1H FY08/091H FY08/09

++

% Change% Change

7.77.7

++ 2.12.1 ptspts70.170.172.272.2Passenger Passenger Breakeven Load Breakeven Load Factor (%)Factor (%)

++ 11.011.08.28.29.19.1Unit Cost Unit Cost ((¢¢/ask)/ask)

11.711.712.612.6Passenger Yield Passenger Yield ((¢¢//pkmpkm))

1H/071H/071H/081H/08

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– 1H FY08/091H FY08/09

––

% Change% Change

2.42.4 ptspts

–– 4.54.5 ptspts10.2 pts10.2 pts5.7 pts5.7 ptsPassenger Load Passenger Load Factor Spread (%)Factor Spread (%)

++ 2.12.1 ptspts70.170.172.272.2Passenger Passenger Breakeven Load Breakeven Load Factor (%)Factor (%)

80.380.377.977.9Passenger Load Passenger Load Factor (%)Factor (%)

1H/071H/071H/081H/08

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– 1H FY08/091H FY08/09

60

64

68

72

76

80

84

1H/04 1H/05 1H/06 1H/07 1H/08

5.1

4.6 10.2 5.7

5.2

Passenger Load Factor

Breakeven Load Factor

(%)

74.3

77.5

80.3

77.9

73.9

69.2

72.9

70.1

72.2

68.7

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY COST COMPOSITION COST COMPOSITION –– 1H FY08/091H FY08/09

Fuel44.5%

(+8.1% pts)

AMO6.6%

(-1.2% pts)

Aircraft Depreciation & Rentals

10.1% (+0.1% pt)Staff

12.4%(--4.1% pts)

Airport Handling6.6%

(-0.6% pt)

Others19.8%

(-2.3% pts)

THE PARENT AIRLINE COMPANYTHE PARENT AIRLINE COMPANYFUEL EXPENDITURE FUEL EXPENDITURE –– 1H FY08/091H FY08/09

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1H/07

($ million)

1,910

Volume

Higher volumeuplifted

+146

Price

Higherweighted average

fuel price

+1,569

Exchange

WeakerUS Dollar

-324

1H/08

3,301

+1,391

THE GROUP THE GROUP 1H FY20081H FY2008--0909

RESULTSRESULTS

GROUP REVENUE GROUP REVENUE –– 1H FY08/09 ($ million)1H FY08/09 ($ million)

5,779

6,395

7,0297,589

8,511

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1H/04 1H/05 1H/06 1H/07 1H/08

Group Revenue

12.1%

5-Year CAGR+ 10.2%

($ million)

GROUP EXPENDITURE GROUP EXPENDITURE –– 1H FY08/09 ($ million)1H FY08/09 ($ million)

5,156

5,811

6,496 6,607

7,936

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1H/04 1H/05 1H/06 1H/07 1H/08

($ million)

Group Expenditure

20.1%

5-Year CAGR+ 11.4%

GROUP OPERATING PROFIT GROUP OPERATING PROFIT –– 1H FY08/09 ($ million)1H FY08/09 ($ million)

623 584

982

575533

0

200

400

600

800

1,000

1H/04 1H/05 1H/06 1H/07 1H/08

($ million)

Operating Profit

41.4%

SATS Group12.5%

CONTRIBUTION TO GROUP OPERATING CONTRIBUTION TO GROUP OPERATING PROFIT PROFIT –– 1H FY08/091H FY08/09

SIA36.6%

SIAEC10.7%1.9

79.6

9.56.52.5

-13.2

86.1

14.29.83.1

0

100

1H/07 1H/08

SIAEC SATS

SIA

SIA Cargo

Others

%

689

932

- 250

1H/081H/08

GROUP NET PROFIT GROUP NET PROFIT –– 1H FY08/091H FY08/09

0

200

400

600

800

1,000

1H/07

($ million)

932

AssociatedCompanies

+132

Higher share of profits

of associated companies

OperatingProfit

Loweroperating

Profit

Others

+25

Lowertax & others

-407

GROUP RESULTS GROUP RESULTS –– 1H FY08/091H FY08/09

20.020.0Interim Dividend Per Share (¢)

1.751.70EBITDAR Per Share ($)

1H/071H/08

12.7712.26Net Asset Value Per Share ($)

At 31 Mar 08At 30 Sep 08

74.757.6Earnings Per Share (¢)

LOOKINGLOOKINGAHEADAHEAD

LOOKING AHEADLOOKING AHEAD–– 2H FY2008/092H FY2008/09

Fleet Development

Capital Expenditure

Fuel Hedging Position

Outlook

PASSENGER FLEET DEVELOPMENT PASSENGER FLEET DEVELOPMENT –– 2H FY2008/092H FY2008/09

104Operating Fleet at 31 March 2009

Aircraft Deliveries/(Disposals)

Boeing B777-300ER

Airbus A330-300

Boeing B747-400

101Operating Fleet at 30 September 08

No. of Aircraft

1

4

(2)

GROUP CAPITAL EXPENDITURE GROUP CAPITAL EXPENDITURE FOR NEXT 5 YEARS ($ million)FOR NEXT 5 YEARS ($ million)

2,6002,600

100100

2,5002,500

FY10/11FY10/11

2,4002,400

100100

2,3002,300

FY11/12FY11/12

2,2002,200

100100

2,1002,100

FY12/13FY12/13

3,2003,2001,9001,900TotalTotal

100100300300Other AssetsOther Assets

3,1003,1001,6001,600AircraftAircraft

FY13/14FY13/14FY09/10FY09/10

GROUP FUEL HEDGING GROUP FUEL HEDGING POSITION POSITION –– FY2008/09FY2008/09

Budgeted Uplift Volume (M BBL) 36

Hedging Target (%) 45 +/- 15

Percentage Hedged (%) at 30 Oct 08 49.3

Avg Hedged Price (USD/BBL - Jet Fuel) 117 - 121

OUTLOOKOUTLOOK

Global Financial Markets in Crisis

Worsening Economic Outlook

Fuel Prices Remain Volatile