MEDIA/ANALYST PRESENTATION

FY2006-07 RESULTS

11 MAY 2007

SIA GROUP SIA GROUP FY2006FY2006--07 RESULTS07 RESULTS

GROUP REVENUE GROUP REVENUE –– FY2006/07 ($ million)FY2006/07 ($ million)

2003 2004 2005 2006 2007

10,5159,762

12,013

13,341

14,494

0

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

($ million)

Record Revenue

8.6%

5-Year CAGR+ 8.4%

GROUP EXPENDITURE GROUP EXPENDITURE –– FY2006/07 ($ million)FY2006/07 ($ million)

2003 2004 2005 2006 2007

Group Expenditure

8.7%

5-Year CAGR+ 7.7%

9,7989,093

10,696

12,128

13,180

0

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

($ million)

GROUP OPERATING PROFIT GROUP OPERATING PROFIT –– FY2006/07 ($ million)FY2006/07 ($ million)

717 669

1,3171,213

1,314

0

200

400

600

800

1,000

1,200

1,400

1,600

2003 2004 2005 2006 2007

($ million)

Operating Profit

8.3%

5-Year CAGR+ 16.4%

GROUP OPERATING PROFIT GROUP OPERATING PROFIT –– FY2006/07 ($ million)FY2006/07 ($ million)

($ million)

1,213

0

500

1,000

1,500

2,000

2,500

3,000

2006 OperatingRevenue

FuelExpenditure

Ex-FuelExpenditure

2007

1,314

+1,153

Higher loads & improved

yields

-677

Higher fuel spend

-375

Higher costs

ex-fuel

101

GROUP FUEL EXPENDITURE GROUP FUEL EXPENDITURE –– FY2006/07 ($ million)FY2006/07 ($ million)

1,865 1,811

2,693

4,240

4,917

0

1,000

2,000

3,000

4,000

5,000

6,000

2003 2004 2005 2006 2007

($ million)

5-Year CAGR+ 27.4%

Fuel Expenditure

16.0%

GROUP EXGROUP EX--FUEL EXPENDITURE FUEL EXPENDITURE –– FY2006/07 ($ million)FY2006/07 ($ million)

7,9337,282

8,003 7,8888,263

0

2,000

4,000

6,000

8,000

10,000

2003 2004 2005 2006 2007

($ million)

Ex-Fuel Expenditure

4.8%

5-Year CAGR++ 1.0%

CONTRIBUTION TO GROUP OPERATING CONTRIBUTION TO GROUP OPERATING PROFIT PROFIT –– FY2006/07FY2006/07

Per

cen

tage

(%

)

-2.5%14.3%

78.1%53.6%

15.2%11.7%

11.1%7.8%4.9%5.8%

-10

0

10

20

30

40

50

60

70

80

90

100

110

2006 2007

SIA24.5% pts

SIA Cargo16.8% pts

SATS Group3.5% pts

SIAEC3.3% pts

SATS

SIA

SIA Cargo

SIAEC

Others

GROUP NET PROFIT GROUP NET PROFIT –– FY2006/07 ($ million)FY2006/07 ($ million)

($ million)

1,241

0

500

1,000

1,500

2,000

2,500

2006 OperatingProfit

Non-OpSurpluses

ExceptionalItems

TaxWriteback

2007

2,129

+101

Higheroperating

profit

+247

Tax writeback

+119

Surplus on disposal

of Aircraft& Others

+421

Sale of SIA Building

& SALE

888

THE PARENT AIRLINETHE PARENT AIRLINEFY2006FY2006--07 RESULTS07 RESULTS

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY HIGHLIGHTS HIGHLIGHTS –– FY2006/07FY2006/07

Capacity growth (+2.8%)

Passengers carriage (+7.7%)

Passenger load factor 79.2% (+3.6% points)

Passenger yield 10.9¢/pkm (+2.8%)

Record revenue $11,344 million (+10.1%)

Unit cost 7.9¢/ask (+5.3%)

Record operating profit $1,027 million (+57.8%)

Highlights of Company’s Performance

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY RESULTS RESULTS –– FY2006/07FY2006/07

57.857.8++651.0 651.0 1,027.01,027.0Operating ProfitOperating Profit

6.96.9++(9,651.8)(9,651.8)(10,316.9)(10,316.9)Total ExpenditureTotal Expenditure

10.110.1++10,302.8 10,302.8 11,343.911,343.9Total RevenueTotal Revenue

% Change% Change20052005--060620062006--0707

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– FY2006/07FY2006/07

++

% Change% Change

2.82.8

++ 1.71.7 ptspts70.870.872.572.5Passenger Passenger Breakeven Load Breakeven Load Factor (%)Factor (%)

++ 5.35.37.57.57.97.9Unit Cost Unit Cost ((¢¢/ask)/ask)

10.610.610.910.9Passenger Yield Passenger Yield ((¢¢//pkmpkm))

20052005--060620062006--0707

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– FY2006/07FY2006/07

2006 2007

Capacity (ASK)2.8%

Passenger Carriage (RPK)

7.7%

RPK

ASK

79.2

75.6

Pax. Load Factor (%)

3.6% pts

PLF

(Billion KM)

0

80

90

100

110

120

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– FY2006/07FY2006/07

++

% Change% Change

3.63.6 ptspts

++ 1.91.9 ptspts4.8 pts4.8 pts6.7 pts6.7 ptsPassenger Load Passenger Load Factor Spread (%)Factor Spread (%)

++ 1.71.7 ptspts70.870.872.572.5Passenger Passenger Breakeven Load Breakeven Load Factor (%)Factor (%)

75.675.679.279.2Passenger Load Passenger Load Factor (%)Factor (%)

20052005--060620062006--0707

606264666870727476788082

2003 2004 2005 2006 2007

Passenger Load FactorBreakeven Load Factor

0.90.5

4.84.8

6.7

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE OPERATING PERFORMANCE –– FY2006/07FY2006/07

(%)

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY COST COMPOSITION COST COMPOSITION –– FY2006/07FY2006/07

Fuel37.6%

(+2.7% pts)

Airport Handling7.3%

(-0.3% pt)

Others 22.6%

(-0.8% pt)

Aircraft Depreciation & Rental

10.2% (-0.9% pt)

Staff 16.3%

Sales Costs 6.0%

(-0.7% pt)

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY COST ANALYSIS COST ANALYSIS –– FY2006/07FY2006/07

0 1000 2000 3000 4000 5000

Others

Sales

Airport Handling

Depr, Rentals &Carrying Costs

Staff

Fuel

2006-07

2005-06

($ million)

$3,881 M(+15.2%)

$1,686 M(+7.3%)

$1,050 M(-2.2%)

$753 M(+2.7%)

$620 M(-4.1%)

$2,327 M(+3.0%)

THE PARENT AIRLINE COMPANY THE PARENT AIRLINE COMPANY FUEL COST FUEL COST –– FY2006/07FY2006/07

84.4076.26

54.58

37.9134.51

0

10

20

30

40

50

60

70

80

90

100

2003 2004 2005 2006 2007

(USD/BBL)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000($ million)

1,523 1,416

2,148

3,368

3,881(+15.2%)

SIA SUBSIDIARIESSIA SUBSIDIARIESFY2006FY2006--07 RESULTS07 RESULTS

SUBSIDIARIES NET PROFIT SUBSIDIARIES NET PROFIT –– FY2006/07 ($ million)FY2006/07 ($ million)

% Change% Change20052005--060620062006--0707

5.55.5--188.6188.6178.2178.2SATS Group SATS Group

77.477.4--135.3135.330.630.6SIA CargoSIA Cargo

5.05.0++230.6230.6242.1242.1SIAEC Group SIAEC Group

3.93.9--20.620.619.819.8SilkAirSilkAir

LOOKINGLOOKINGAHEADAHEAD

LOOKING AHEADLOOKING AHEAD

Fuel Hedging Position

Capital Expenditure

Airbus A380

Fleet Development

GROUP FUEL HEDGING GROUP FUEL HEDGING POSITION POSITION –– FY2007/08FY2007/08

Budgeted Uplift Volume (M BBL) 37

Hedging Target (%) 45 +/- 15

Percentage Hedged (%) at May 07 42

Avg Hedged Price (USD/BBL - Jet Fuel) 84

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

2,8002,800

500500

2,3002,300

FY08/09FY08/09

4,0004,000

500500

3,5003,500

FY09/10FY09/10

5,1005,100

300300

4,8004,800

FY10/11FY10/11

4,8004,8002,4002,400TotalTotal

300300600600Other AssetsOther Assets

4,5004,5001,8001,800AircraftAircraft

FY11/12FY11/12FY07/08FY07/08

AIRBUS A380AIRBUS A380--800800–– FY2007/08FY2007/08

1st unit delivery October 2007, into commercial service in November 2007 to Sydney

2nd and 3rd units delivery January and February 2008 for London route

PASSENGER FLEET DEVELOPMENT PASSENGER FLEET DEVELOPMENT –– FY2007/08FY2007/08

Operating Fleet at 1 April 2007 94

Aircraft Deliveries

Airbus A380-800 3

Boeing B777-300ER 5

Aircraft Sold Off

Boeing B747-400 5

Operating Fleet at 31 March 2008 97

DIVIDENDS DIVIDENDS

DIVIDENDS DIVIDENDS –– FY2006/07FY2006/07

101.7101.7172.6172.6Earnings Per Share (Earnings Per Share (¢¢))

10.010.015.015.0Interim Dividend Per Interim Dividend Per Share Paid (Share Paid (¢¢))

20052005--060620062006--0707

Proposed Final Proposed Final Dividend Per Share (Dividend Per Share (¢¢)) 35.035.035.035.0

Total Ordinary Total Ordinary Dividend Per Share (Dividend Per Share (¢¢)) 45.045.050.050.0

SPECIAL DIVIDEND SPECIAL DIVIDEND –– FY2006/07FY2006/07

Sale of SIA Building and of 35.5% stake in Singapore Aircraft Leasing Enterprise

Total proceeds $852 Million

Monetization of Non-Core Assets

Proposed Special Dividend

50¢ per share, approximately $625 Million

73% of proceeds

TOTAL DIVIDENDS TOTAL DIVIDENDS –– FY2006/07FY2006/07

45.045.050.050.0Total Ordinary Total Ordinary Dividend Per Share (Dividend Per Share (¢¢))

20052005--060620062006--0707

Proposed Special Proposed Special Dividend Per Share (Dividend Per Share (¢¢)) NilNil50.050.0

Total Dividends Total Dividends Per Share (Per Share (¢¢)) 45.045.0100.0100.0

PROPOSED PROPOSED CAPITAL REDUCTIONCAPITAL REDUCTION

PROPOSED CAPITAL REDUCTIONPROPOSED CAPITAL REDUCTION

Make capital structure more efficient

Improve ROE

Ensure adequate funding for operations and investments

Objectives

PROPOSED CAPITAL REDUCTIONPROPOSED CAPITAL REDUCTION

1 share cancelled for every 15 shares held1 share cancelled for every 15 shares held

Distribution to shareholders by cancellation Distribution to shareholders by cancellation of sharesof shares11

1.1. Subject to court approvalSubject to court approval

2.2. Price based on average SGX closing price between 2 May and 8 MayPrice based on average SGX closing price between 2 May and 8 May 20072007

Cash distribution $18.46 per share cancelledCash distribution $18.46 per share cancelled22

3.3. Estimated based on 1,249.3 million shares in issue at 8 May 2007Estimated based on 1,249.3 million shares in issue at 8 May 2007

Approximately $1,537 millionApproximately $1,537 million33

PROPOSED CAPITAL REDUCTIONPROPOSED CAPITAL REDUCTION

All shareholders receive cash

Proportion of ownership after completion remain unchanged

Improve EPS

Features & Benefits

PROPOSED CAPITAL REDUCTIONPROPOSED CAPITAL REDUCTION

Alternatives to be made available for odd lots, rounded up to nearest normal trading lot

Details forthcoming

Features & Benefits

Singapore Airlines Limited Company Registration No.: 197200078R

Further information and media releases can be found at the Singapore Airlines internet website www.singaporeair.com.sg