JANUARY 2011 OPERATING RESULTS

In January 2011, Singapore Airlines recorded 2.9% year-on-year growth in system wide passenger carriage (measured in revenue passenger kilometers) while capacity (measured in available seat kilometers) grew by 4.2%. As a result, passenger load factor (PLF) declined by 1.0 percentage point to 78.1%. The number of passengers carried rose by 3.2% over the same month the previous year to 1.44 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 12.5% while cargo capacity increased by 10.1%. This led to an improvement in cargo load factor (CLF) of 1.3 percentage points.

CLFs improved for all route regions except East Asia. East Asia registered a 4.9 percentage point reduction in CLF as cargo traffic did not keep pace with capacity increases.

All regions except Americas and Europe recorded increases in PLFs over the same month last year. The PLF declines for the Americas and Europe region were attributable to a reduction in lower-fare promotional traffic compared to the same period the previous year.