FEBRUARY 2011 OPERATING RESULTS

In February 2011, Singapore Airlines recorded a 1.0% year-on-year decline in system wide passenger carriage (measured in revenue passenger kilometers) while capacity (measured in available seat kilometers) grew by 5.4%. As a result, passenger load factor (PLF) declined by 4.8 percentage points to 75.1%. The number of passengers carried increased by 0.6% over the same month last year to 1.27 million.

Capacity was added to several destinations, including Manchester (via Munich), Houston (via Moscow), Osaka and Seoul. A new double-daily service to Tokyo-Haneda was launched on October 31, 2010, complementing the existing twice-daily services to Tokyo-Narita. In addition, the all-Business Class service to Los Angeles returned to daily operations from early October 2010.

Overall cargo traffic (measured in freight ton kilometers) improved by 3.6% while cargo capacity increased by 10.1%. This led to a drop in cargo load factor (CLF) of 3.8 percentage points compared to the same month last year. CLFs declined for all regions as cargo traffic did not keep pace with capacity increases. The large decline in East Asia’s CLF was a result of seasonal slow airfreight activities across the Lunar New Year holidays.

All regions except East Asia recorded declines in PLFs over the same month last year. The PLF declines for the other regions were in part due to a smaller volume of low fare promotional traffic this year.