Investor Presentation Morgan Stanley 11th Pacific Summit 7 – 8 November 2012 Forward Looking Statements

This presentation may contain forward-looking statements regarding, among other things, the Company's outlook, business and strategy which are current as of the date they are made. These forward-looking statements are based largely on the current assumptions, expectations and projections of the directors and management of SATS about our business, and the industry and markets in which we operate. These statements are not guarantees of SATS’ future performance and are subject to a number of risks and uncertainties, some of which are beyond the Company's control and are difficult to predict. Future developments and actual results could differ materially from those expressed in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the forward- looking information will prove to be accurate. SATS does not undertake to update these forward-looking statements to reflect events or circumstances which arise after publication.

2 Agenda

• SATS Overview

• Investment Highlights

• Strategic Directions & Outlook

• Appendix

3 SATS Overview

4 Our Business

Food Solutions Gateway Services

Passenger Services Airline Catering and Lounge Management

Institutional Ramp and Catering Baggage Handling

Airfreight Handling Food Distribution and Logistics and Logistics

Aviation Security Airline Linen Laundry

Cruise Handling and Terminal Management

5 At a Glance

As at 31 March 2012 Revenue S$1.69bn PATMI S$170.9m Total Assets S$2.12bn Cash and Cash Equivalents S$470.1m Debt-to-Equity 0.1x ROE 11.3% Market Capitalisation S$3.09bn (02 November 2012) Headcount ~14,000

6 2Q12/13 Highlights Revenue • Higher revenue driven by steady growth momentum in gateway (+7.9%) and food (+9.3%) businesses. $461.5m +8.8% • Continued recovery from March 11 disasters saw TFK revenue hit $90.1m (+13.1%).

Operating Profit • Focus on cost and productivity improvements yielding some results as operating profit ex-TFK rose 7.9% despite higher $52.1m +15.0% operating expenditure.

Share of results of • Associates/JVs in North Asia were key contributors to higher Associates/JVs, net of tax share of results of associates/JVs. $10.4m +3.0%

PATMI • Growth in PATMI attributed to improved operating performance and Daniels’ loss in 2Q11/12. Excluding this loss and one-offs, $50.3m +25.4% underlying net profit grew 9.3% to $50.7m.

Debt-to-equity • Debt to equity ratio remained healthy. • Cash balance as at 30 September 2012 was $323.5m. 0.12 times +0.02 ppt

7 Our Road Map – expanding beyond aviation and

By Business By Industry By Geography

Corp 0.3% Gateway Services Aviation Singapore 35.3% 100.0% 100.0%

FY1999

Food Solutions 64.4%

Corp Corp Others 0.3% 0.3% 4.4% Gateway Non- Services Aviation Aviation Japan Singapore 35.3% 17.5% 82.2% 19.3% 76.2% 1H FY2013

Food Solutions 64.4%

8 Investment Highlights

9 Investment Highlights

1. 2. 3. Unique Strong Positive Business Model Market Position Prospects

4. 5. Sound Operating Resilient Fundamentals Cash Flows

10 1. Unique Business Model • Twin engines of growth in gateway services and food solutions • Largest aviation services network in Asia

10 Countries 36 Airports Jilin Shenyang Beijing (1) (Narita & Haneda) Flights Tianjin 340,266 Riyadh Taipei Batam Manado Medan Macau (1) Jeddah India Manila Balikpapan Passengers Ho Chi Minh Timika Male City Jakarta Surabaya Ujung 63.0m Pandang Singapore Yogyakarta Denpasar

Indonesia (1) Meals Amritsar 79.3m Rockhampton Kolkata Hervey Bay Mumbai Brisbane Airfreight(1) Hyderabad 3.9m tons Goa Chennai Mangalore Bangalore Gateway Services Trivandrum Food Solutions Gateway Services and Food Solutions

(1) Based on FY11/12 aviation statistics for Singapore and overseas operations

11 2. Strong Market Position • Singapore aviation: first-choice service provider for close to 60 scheduled airlines at Changi Airport

Gateway Services(1) Aviation Food Solutions(1) Ground & Cargo Handling Airline Catering

DNATA 26% DNATA 14% SATS 74% SATS 86%

ASIG 0%

• Singapore non-aviation: leading institutional caterer with the largest capacity • Regional aviation: majority of subsidiaries and JVs are either No. 1 or 2 operator in the airports where they operate

(1) Source: Changi Airport Group; market share based on number of scheduled flights. 12 3. Positive Prospects - Singapore & the Region • Located in Asia – a bright spot in the world economy  2012 GDP forecasts(1) China – 7.8% and India – 4.9%  Asia-Pacific airlines remain the biggest contributor to global aviation industry profit(2)  YTD Passenger traffic (RPK) on Asia Pacific airlines grew 6.2% against global average of 5.7%(3) • Well established international hub  Changi Airport is Asia’s leading air hub for key global carriers  Passenger traffic up 10.7% to 46.5m in 2011; projected to exceed 50m by 2014 (4)  Addition of the new Marina Bay Cruise Centre Singapore • Transforming tourism and hospitality landscape  Integrated Resorts, F1, Gardens by the Bay, Sports Hub, medical tourism  Visitor arrivals up 13% to13.2m in 2011; targeted to reach 17m by 2015 (5)

(1) Source: World Economic Outlook Update October 2012 (2) Source: IATA Financial Forecast September 2012 (3) Source: IATA September 2012 Air Transport Market Analysis (4) Source: Changi Airport Group (5) Source: Singapore Tourism Board 13 4. Sound Operating Fundamentals • Strong customer focus and consistently high service standards • Economies of scale • Focused on sustainable cost levels

Operating Margins – SATS vs global peers (1)

10.0% 9.2% 6.8% 5.4% 5.0% 4.4% 2.8%

SATS BBA Compass Sodexo Autogrill gategroup John Menzies

Airport Service Providers Aviation Food Solutions Food Solutions

Source: FactSet, company information as of latest financial year (1) Calendarized to March-year end

14 5. Resilient Cash Flows & Healthy Balance Sheet

• Highly cash generative businesses Dividend Payout Ratio(2) with short cash cycle 168.8% • Contract based revenues with limited 98.4% downside risks 77.5% 73.5% 78.6% • Low capex spend ~ S$70m p.a. 63.7% 71.3% • Healthy cash reserves of S$323.5m FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 (1) (29 cents per share) Ordinary dividend Special divdend • Low debt-to-equity ratio of 0.12x(1) FCF & Dividends Paid(2) • Undrawn S$500m MTN programme 288*

 Excellent financial flexibility to seek 190 188* 151 156 strategic opportunities S$ m 140 142 132 108 104

(1) As at 30 September 2012 (2) Includes special dividends 2008 2009 2010 2011 2012 * Includes special dividends of S$0.06 per share and S$0.15 per share for FY11 and FY12 respectively Free Cash Flow Dividends paid 15 Strategic Directions & Outlook

16 Our Strategy

Growth • Serve key customers at strategic locations • Seek strategic Customer Intimacy partnerships and • Anticipate customers’ acquisitions business challenges and find solutions collaboratively Innovation • Increase share of • Explore creative ways their spending to delight our customers with game-changing innovations Operational Excellence • Sustain and improve • Continually improve product and service productivity and offerings performance

17 Execution Focused execution of strategy

Acquired 100% Formed 50:50 ground Bought 40% stake in Commenced cruise Singapore Food handling JV with Adel Abuljadayel Flight handling and terminal Industries Air India – AISATS Catering in Saudi Arabia management MBCCS

Launched LCC Awarded technical ramp Formed a 51:49 JV with Formed a 30%-owned unit, Asia-Pacific Star handling licence at OCS Ventures to provide assoc company in Saudi Changi Airport remote catering services Arabia to offer pilgrimage catering services

Change in major Formed JV to set up an Disposed UK non- Divested 51% equity shareholder from SIA integrated pig farm in aviation food business – stake in Country Foods to Temasek Jilin Food Zone, China Daniels Group Macau

Purchased 50.7% stake Won tender to operate in Japanese inflight and manage the new caterer, TFK Corporation Marina Bay Cruise Centre S’pore (MBCCS)

18 Recent Contracts Singapore • Ground and cargo handling for China Eastern Airlines, EVA Airways, FedEx and Turkish Cargo • Inflight catering and ancillary services for Tiger Airways • Inflight catering and laundry services for Air Mauritius • Catering services for Home Team Academy • Ship supplies to two local companies • Logistics and catering services for Singapore Armed Forces

19 Recent Contracts Overseas • TFK: inflight catering services for Aeroflot Russian Airlines, AirAsia Japan, Finnair, Lufthansa and Swiss International Air Lines. • SATS HK: ground handling services for Air Astana, BB Airways, City Airways, Ethiopian Airlines, Singapore Airlines Cargo and Turkish Airlines.

20 Accolades • SATS received Best Reliability (Caterer) Award for mid-year 2012 from United Airlines • All Nippon Airways named PT JAS as one of the Best Three Improved Stations in 1H 2012 • Singapore Airlines conferred Manila Station – MacroAsia Catering Services – the “Winner of Excellence (Catering)” Award 2011

21 Outlook Uncertainty in global air travel demand persists amid the trying global economic environment and the slowdown in Europe. Airfreight demand remains weak on the back of lower consumption in advanced economies.

Changi Airport’s fundamentals continue to be supported by regional traffic growth and network enhancement by some airlines. However, decline in air cargo throughput is likely to continue in the coming months.

We expect the growth momentum in our food business to continue, underpinned by the seasonal uplift in the third quarter, and continued management of raw material costs.

22 In Summary

• Gateway Services and Food Solutions are our core businesses • We will leverage our core strengths to access opportunities in Asia Pacific and the Middle East • We continue to adopt a focused and disciplined approach to drive both organic and inorganic growth • Our strong financial position provides funding capacity for acquisitions • We continue to return surplus cash to shareholders by way of dividends • Our objectives are well aligned to create value for shareholders

23 Appendix - Highlights of 2Q & 1H FY12/13 Results Released on 06 November 2012

24 Explanatory Notes • “One-line consolidation” of Daniels’ results in P&L up to date of disposal on 25 October 2011.

• P&L Statement split between continuing operations and discontinued operations. • Daniels’ assets and liabilities deconsolidated from FY12/13 balance sheet. • Share of associates’ results are disclosed in P&L as net of tax, instead of gross less tax previously.

• Underlying net profit from continuing operations excludes Daniels’ results and the following one-off items:

$M 2Q 1H

(Gain)/Loss FY12/13 FY11/12 FY12/13 FY11/12

Revision of TFK retirement plan - - - (5.5)

Unwinding of sale and leaseback arrangement - 4.5 - 4.5

Disposal of Country Foods Macau 0.4 - 0.4 -

25 1H12/13 Highlights Revenue • Higher revenue attributed to steady growth in gateway (+8%) and food (+12.9%) businesses. $899.4m +11.1% • TFK revenue rose 24.9% to $173.8m due to steady recovery in meal volumes from the aftermath of March 11 disasters.

Operating Profit • Operating profit increased mainly due to the recovery of TFK. $91.4m +18.9%

Share of results of • Improved contributions from associates/JVs in North Asia saw Associates/JVs, net of tax higher share of results of associates/JVs. $22.1m +2.8%

PATMI • Growth in PATMI attributed to improved operating performance and Daniels’ loss in 1H11/12. Excluding this loss and one-offs, $91.6m +10.9% underlying net profit was up 6.7% to $92m.

26 2Q and 1H12/13 Financials $M 2Q12/13 2Q11/12 % Change 1H12/13 1H11/12 % Change Operating Revenue 461.5 424.2 8.8 899.4 809.8 11.1 Operating Expenditure (409.4) (378.9) 8.0 (808.0) (732.9) 10.2 Operating Profit 52.1 45.3 15.0 91.4 76.9 18.9 Write-back of Retirement Benefit - - - - 10.1 n.m. Plan Obligation EBITDA 75.5 67.3 12.2 137.4 123.0 11.7 Share of Results of 10.4 10.1 3.0 22.1 21.5 2.8 Associates/JVs, Net of Tax PBT from Continuing Operations 61.0 53.9 13.2 111.7 107.0 4.4 Profit from Continuing Operations, Net of Tax & Non-Controlling 50.3 41.9 20.0 91.6 87.2 5.0 Interests Loss from Discontinued - (1.8) n.m. - (4.6) n.m. Operations, Net of Tax

PATMI 50.3 40.1 25.4 91.6 82.6 10.9

Underlying Net Profit from 50.7 46.4 9.3 92.0 86.2 6.7 Continuing Operations

n.m. – not meaningful 27 Q-o-Q Highlights $M 2Q12/13 1Q12/13 4Q11/12 3Q11/12 2Q11/12 Revenue 461.5 437.9 433.3 442.3 424.2 % Change in Revenue 5.4% 1.1% -2.0% 4.3% 10.0% Expenditure (409.4) (398.6) (385.0) (398.5) (378.9) Operating Profit 52.1 39.3 48.3 43.8 45.3 % Change in Operating Profit 32.6% -18.6% 10.3% -3.3% 43.4% EBITDA 75.5 61.9 73.3 68.5 67.3 Share of Results of Associates/JVs, Net of Tax 10.4 11.7 10.5 9.4 10.1 PBT from Continuing Operations 61.0 50.7 62.1 52.9 53.9 Profit from Continuing Operations, Net of Tax & Non- 50.3 41.3 50.1 43.7 41.9 Controlling Interests Loss from Discontinued Operations, Net of Tax - - - (5.5) (1.8) PATMI 50.3 41.3 50.1 38.2 40.1 % Change in Profit Attributable to Owners of 21.8% -17.6% 31.2% -4.7% -5.6% the Company Underlying Net Profit from Continuing 50.7 41.3 47.6 43.7 46.4 Operations % Change in Underlying Net Profit 22.8% -13.2% 8.9% -5.8% 16.6%

28 Financial Indicators % 2Q12/13 2Q11/12 Change (ppt) 1H12/13 1H11/12 Change (ppt) Operating Margin 11.3 10.7 0.6 10.2 9.5 0.7 EBITDA Margin 16.4 15.9 0.5 15.3 15.2 0.1 PBT Margin 13.2 12.7 0.5 12.4 13.2 (0.8) PATMI Margin 10.9 9.5 1.4 10.2 10.2 - Underlying Net Margin 11.0 10.9 0.1 10.2 10.6 (0.4)

Cents 2Q12/13 2Q11/12 % Change 1H12/13 1H11/12 % Change EPS Based on Net Profit Attributable to Shareholders (cents) 4.5 3.6 25.0 8.3 7.5 10.7 EPS Based on Net Profit from Continuing Operations Attributable to Shareholders (cents) 4.5 3.8 18.4 8.3 7.9 5.1

30-Sep-12 31-Mar-12 NAV Per Share ($) 1.22 1.36 Debt Equity Ratio 0.12 0.10

Margins are calculated based on profits from continuing operations. 29 Group Segmental Revenue $M 2Q12/13 2Q11/12 % Change 1H12/13 1H11/12 % Change By Business: Gateway Services 161.6 149.7 7.9 317.2 293.7 8.0 Food Solutions 298.5 273.1 9.3 579.4 513.3 12.9 Corporate 1.4 1.4 - 2.8 2.8 - Total 461.5 424.2 8.8 899.4 809.8 11.1 By Industry: Aviation 377.5 343.3 10.0 739.1 652.5 13.3 Non-Aviation 82.6 79.5 3.9 157.5 154.5 1.9 Corporate 1.4 1.4 - 2.8 2.8 - Total 461.5 424.2 8.8 899.4 809.8 11.1 By Geographical Location: Singapore 349.6 328.9 6.3 685.7 640.1 7.1 Japan 90.1 79.6 13.2 173.8 139.1 24.9 Others 21.8 15.7 38.9 39.9 30.6 30.4 Total 461.5 424.2 8.8 899.4 809.8 11.1

30 Group Expenditure Including TFK Excluding TFK $M 2Q12/13 2Q11/12 % Change 2Q12/13 2Q11/12 % Change Staff Costs 195.1 176.8 10.4 156.7 141.7 10.6 Cost of Raw Materials 100.5 99.5 1.0 71.4 73.1 (2.3) Licensing Fees 19.4 17.6 10.2 18.9 17.2 9.9 Depreciation & Amortisation 22.2 23.0 (3.5) 18.7 19.0 (1.6) Company Accommodation & Utilities 34.0 31.5 7.9 26.8 25.0 7.2 Other Costs 38.2 30.5 25.2 32.0 25.1 27.5 Total Expenditure 409.4 378.9 8.0 324.5 301.1 7.8 Revenue 461.5 424.2 8.8 371.4 344.6 7.8 Expenses grew in tandem with growth in aviation volumes.

31 Group Expenditure Including TFK Excluding TFK $M 1H12/13 1H11/12 % Change 1H12/13 1H11/12 % Change Staff Costs 389.2 347.9 11.9 313.0 280.7 11.5 Cost of Raw Materials 190.8 174.4 9.4 134.3 128.6 4.4 Licensing Fees 38.1 34.1 11.7 37.2 33.5 11.0 Depreciation & Amortisation 45.4 46.6 (2.6) 38.5 39.1 (1.5) Company Accommodation & Utilities 65.5 59.7 9.7 52.5 47.9 9.6 Other Costs 79.0 70.2 12.5 66.6 59.4 12.1 Total Expenditure 808.0 732.9 10.2 642.1 589.2 9.0 Revenue 899.4 809.8 11.1 725.6 670.7 8.2

32 Associates/JVs Performance by Business – Based on SATS’ Shareholding* $M 2Q12/13 2Q11/12 % Change 1H12/13 1H11/12 % Change Turnover 74.7 75.9 (1.6) 152.9 171.0 (10.6) Gateway Services 56.2 57.2 (1.7) 116.8 134.6 (13.2) Food Solutions 18.5 18.7 (1.1) 36.1 36.4 (0.8) EBITDA 18.5 19.1 (3.1) 39.2 42.1 (6.9) Gateway Services 16.1 16.5 (2.4) 34.6 40.3 (14.1) Food Solutions 2.4 2.6 (7.7) 4.6 1.8 155.6 EBITDA Margin (%) 24.8 25.2 (0.4) ppt 25.6 24.6 1.0 ppt Gateway Services 28.6 28.8 (0.2) ppt 29.6 29.9 (0.3) ppt Food Solutions 13.0 13.9 (0.9) ppt 12.7 4.9 7.8 ppt PAT 10.4 10.1 3.0 22.2 21.7 2.3 Gateway Services 9.5 8.7 9.2 20.6 21.9 (5.9) Food Solutions 0.9 1.4 (35.7) 1.6 (0.2) n.m. Dividends Received 1.3 10.8 (88.0) 15.0 23.2 (35.3)

* Excludes TFK’s Associates 33 Associates/JVs Performance by Region – Based on SATS’ Shareholding* $M 2Q12/13 2Q11/12 % Change 1H12/13 1H11/12 % Change Turnover 74.7 75.9 (1.6) 152.9 171.0 (10.6) West Asia 10.7 18.3 (41.5) 26.9 57.2 (53.0) North Asia 48.7 43.5 12.0 95.0 85.5 11.1 SEA & Australasia 15.3 14.1 8.5 31.0 28.3 9.5 EBITDA 18.5 19.1 (3.1) 39.2 42.1 (6.9) West Asia 2.3 4.7 (51.1) 6.5 13.0 (50.0) North Asia 10.7 9.5 12.6 21.2 18.6 14.0 SEA & Australasia 5.5 4.9 12.2 11.5 10.5 9.5 EBITDA Margin (%) 24.8 25.2 (0.4) ppt 25.6 24.6 1.0 ppt West Asia 21.5 25.7 (4.2) ppt 24.2 22.7 1.5 ppt North Asia 22.0 21.8 0.2 ppt 22.3 21.8 0.5 ppt SEA & Australasia 35.9 34.8 1.1 ppt 37.1 37.1 - PAT 10.4 10.1 3.0 22.2 21.7 2.3 West Asia 1.1 2.8 (60.7) 3.6 7.0 (48.6) North Asia 5.7 4.2 35.7 11.2 7.9 41.8 SEA & Australasia 3.6 3.1 16.1 7.4 6.8 8.8 Dividends Received 1.3 10.8 (88.0) 15.0 23.2 (35.3)

* Excludes TFK’s Associates 34 Proforma Segmental Revenue (Include Proportionate Revenue from Assocs/JVs*)

By Business By Industry By Geography Corp Corp Others 0.3% 0.3% Assoc/JV 3.8% 14.5% Non- 1H12/13 Aviation Gateway 15.0% Services Food 41.2% Japan Solutions 16.5% S'pore 58.5% Aviation 65.2% 84.7%

Corp Corp Others 0.3% 0.3% 3.1%

Non- Assoc/JV 1H11/12 Aviation 17.4% Gateway 15.8% Services Food 43.7% Japan Solutions 14.2% 56.0% S’pore Aviation 65.3% 83.9%

35 Group Balance Sheet

$M As at 30 Sep 12 As at 31 Mar 12 Total Equity 1,462.7 1,616.2 Long-term Loans 132.3 131.3 Other Long-Term Liabilities 101.0 102.7 Current Liabilities 304.6 272.3 Total Equity & Liabilities 2,000.6 2,122.5 Fixed Assets & Investment Property 648.4 667.4 Associated Companies & JVs 367.9 368.3 Intangible Assets 209.9 213.0 Other Non-Current Assets & Long-Term Investment 42.9 42.6 Current Assets Cash & Cash Equivalents 325.1 471.6 Debtors & Other Current Assets 406.4 359.6 Total Assets 2,000.6 2,122.5

Decline in equity and cash & cash equivalents mainly attributed to distribution of final and special dividends in August 2012.

36 Group Cash Flow Statement

$M 1H12/13 1H11/12 Difference

Net Cash from Operating Activities 99.7 47.4 52.3

Net Cash generated from/(used in) Investing Activities (9.9) (27.7) 17.8

Net Cash used in Financing Activities (235.7) (156.0) (79.7)

Net decrease in Cash & Cash Equivalents (145.9) (136.3) (9.6)

Cash & Cash Equivalents at the end of the period 323.5 163.4 160.1

Free Cash Flow* 78.1 19.2 58.9

Free cash flow was lifted by higher trade payables and accruals, and lower capex incurred.

* Free Cash Flow refers to net cash from operating activities less cash purchases of capital expenditure. 37 Operating Statistics for Singapore Aviation Business

2Q12/13 2Q11/12 % Change 1H12/13 1H11/12 % Change

Passengers Handled ('M) 9.96 9.49 4.9 19.98 18.69 6.9

Flights Handled ('000) 30.21 28.63 5.5 59.90 56.33 6.3

Unit Services ('000) 25.63 24.15 6.1 50.28 46.85 7.3

Cargo ('000 tonnes) 369.19 378.93 (2.6) 728.11 757.50 (3.9)

Gross Meals Produced ('M) 7.09 6.68 6.1 14.08 13.10 7.5

Unit Meals Produced ('M) 5.45 5.16 5.6 10.87 10.19 6.7

Resilient growth in meal volumes, passenger and flights handled; cargo remained weak.

• The above aviation operating data cover Singapore operations only. • With the exception of unit and gross meals produced, all data include LCC operations. • Unit services in 1H11/12 has been restated due to the change in the weightage factor for certain aircraft type. As a result, the restated figure is higher than what was previously announced for 1H11/12.

38 END

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