SINGAPORE AIRLINES LTD: NOTICE OF A CHANGE IN THE PERCENTAGE LEVEL OF A SUBSTANTIAL SHAREHOLDER'S INTEREST

Notice of Interest/Change in Interest
* Asterisks denote mandatory information
Name of Announcer *	SINGAPORE AIRLINES LTD
Company Registration No.	197200078R
Announcement submitted on behalf of	SINGAPORE AIRLINES LTD
Announcement is submitted with respect to *	SINGAPORE AIRLINES LTD
Announcement is submitted by *	Mrs Ethel Tan
Designation *	Company Secretary
Date & Time of Broacast	23-May-2012 18:15:57
Announcement No.	00085
Price Sensitivity	No

>> Announcement Details

The details of the announcement start here ...

>> Part I
1. Date of notice to issuer *	23/05/2012
2. Name of Substantial Shareholder *	Temasek Holdings (Private) Limited
3. Please tick one or more appropriate box(es): *
- Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Part III and IV]

>> Part II
1. Date of change of [Select Option]
2. Name of Registered Holder
3. Circumstance(s) giving rise to the interest or change in interest
# Please specify details
4. Information relating to shares held in the name of the Registered Holder
No. of N.A. held before the change
As a percentage of issued share capital
No. of N.A. which are subject of this notice
As a percentage of issued share capital
Amount of consideration (excluding brokerage and stamp duties) per share paid or received
No. of N.A. held after the change
As a percentage of issued share capital

>> Part III
1. Date of change of Interest	18/05/2012
2. The change in the percentage level	From 55.02 % to 56.00 %
3. Circumstance(s) giving rise to the interest or change in interest	# Others
# Please specify details	There was a series of open market transactions in Singapore Airlines Limited ("SIA") shares by Temasek, Aetos Security Management Pte. Ltd, Fullerton Fund Management Company Ltd. ("FFMC") for its discretionary investment clients and DBS Group Holdings Limited ("DBSH") subsidiaries. On 30 September 2011, DBSH, an associated company of Temasek, completed the sale of 100% of DBS Asset Management Limited ("DBSAM"). Accordingly, Temasek ceased to have any deemed interest in the shares of SIA held by DBSAM. Accordingly, there was a change in the percentage level of Temasek's total interest in SIA to 658,054,524 shares (56.00%) as at 18 May 2012 comprising a direct holding of 657,306,600 SIA shares (55.94%) and a deemed interest in 747,924 shares (0.06%) due to the following holdings: i) 57,000 SIA shares (less than 0.01%) in which FFMC has a deemed interest; ii) 640,924 SIA shares (0.06%) in which DBSH has a deemed interest; and iii) 50,000 SIA shares (less than 0.01%) in which Aetos Security Management Pte.Ltd., a subsidiary of Temasek, has a deemed interest. Temasek became aware of the change in the percentage level of its aggregate interest in SIA on 21 May 2012.
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions	The change in the percentage level is the result of a series of transactions.

>> Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest:
	Direct	Deemed
No. of shares held before the change	651,690,600	4,744,746
As a percentage of issued share capital	54.63 %	0.40 %
No. of shares held after the change	657,306,600	747,924
As a percentage of issued share capital	55.94 %	0.06 %

Footnotes

The percentage of issued share capital before change is calculated on the basis of 1,192,982,911 shares in issue as at 5 July 2010. The figures represent Temasek's direct and deemed interest as at 5 July 2010 which were disclosed in the Notice of Substantial Shareholder's Change in Interests dated 6 July 2010. The percentage of issued share capital after change is calculated on the basis of 1,175,042,541 shares in issue as at 18 May 2012.