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ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAHCHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARKFERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYARLITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNGRENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOHTONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOKBUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOSFARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKARKOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOLRANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOAPAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAYBUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGECOVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOORKANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIRPUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINESTHANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOONKENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALECORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONGEAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RISPOTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOONTAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHANBOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTICOMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANGJURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARKPASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAUBEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU

SBS Transit Ltd

Summary Report

2005

R E AC H

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CONTENTS

02 Our Footprint

05 Vision & Mission

06 Chairman’s Statement

12 Corporate Information

13 Board of Directors

18 Corporate Governance (Summary)

23 Summary Financial Statement

36 Share Price Movement Chart

37 Shareholding Statistics

38 Notice of Annual General Meeting

Proxy Form

Request Form

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SERVICEREACH

Reaching out to our commutersand servicing their needs

topped the list of priorities forSBS Transit. To this end, weintroduced several initiativesin 2005 including a record

number of new services.

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ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEEAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOLWOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTTOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MHARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOFERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LFARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG 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CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRRIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGABUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALEPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINEBUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRERMERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SEKENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE ELITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAKOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVBAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASKANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEEAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOLWOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKJURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIRTONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTTOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MEHARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARKTHANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGPARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERISERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYARUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOCORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KRIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BCOMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADRANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOCLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANPASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE 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LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTTOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MHARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGPARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERISERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYA

OURFOOTPRINT

CLEMENTI

JURONG EAST

BOON LAY

BUKIT MERAH

With a fleet of 2,708 buses, 40.4 kilometres oflight rail and mass rapid transits, and a dailyridership of more than 2 million,SBS Transit is Singapore’spremier public landtransport operator.

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PASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOORNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGHAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG

NGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANGOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAMKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALEPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINESBUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG

BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGEN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA

RUMBIACOMPASSVALE

BAKAU

KANGKARRANGGUNG

SENGKANG LRT

LAYAR RENJONG

KUPANG CHENG LIM

FARMWAYTHANGGAM

FERNVALETONGKANG

SENGKANG

SAMUDERA SUMANG

SAM KEETECK LEE

SOOTECKNIBONG

PUNGGOLPOINT

KADALOORDAMAI

CORAL EDGECOVE

RIVIERA

OASIS

MERIDIAN

PUNGGOL LRT

PUNGGOL

MRT

LRT

LEGEND

BUS

PUNGGOL

OUTRAM PARK

HARBOURFRONT

PASIR RIS

TAMPINES

BEDOK

BISHAN

BUANGKOK

EUNOS

TOA PAYOH

SERANGOON

ANG MO KIO HOUGANG

KOVAN

WOODLEIGH

POTONG PASIR

BOON KENG

FARRER PARK

LITTLE INDIA

CLARKE QUAY

CHINATOWN

DHOBY GHAUT

SENGKANG

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OUR MISSION

To achieve excellence for ourcustomers, employees, shareholdersand community. To this end, we arecommitted to delivering safe andreliable services at affordable prices,being an employer of choice, creatingsignificant shareholder value andbecoming a socially responsiblecorporate role model.

OUR VISION

Moving people in a safe, reliableand affordable way.

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OUR BELIEFS

To achieve our Vision and Mission,we are guided by the following beliefs:

We will

• Be driven by our customers’ needs

• Strive for excellence in everything we do

• Act with integrity at all times

• Treat people with fairness and respect

• Maintain safety as a top priority

• Collaborate with our partners for a win-win outcome

• Give our shareholders a reasonable return

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Throughout it all, we stayed true to ourVision of moving people in a safe, reliableand affordable way. We have done this ina regulated environment that is fair andjust, and have subscribed to standardswhich are transparent.

Our Board of Directors, though electedby shareholders at our annual generalmeeting, is approved by the authoritiesunder the Land Transport Act and thePublic Transport Act.

Our main source of revenue – the bus andrail fares – has to be approved by thePublic Transport Council (PTC). TheFare Review Mechanism has been refinedfollowing the release of a report in February2005 by the Committee convened forthis purpose. The Committee, made up ofgrassroots leaders, Members of Parliament,Consumers Association of Singapore(CASE) and academics, deliberatedin depth and came up with a formulathat is based on the state of the country’seconomy, inflation, wages of theworkforce, and the performance of thepublic transport operators. In the finalanalysis, realistic and affordable fares havebeen put in place for the commuters.

Indeed, everything that we do istransparent. The checks and balances arethere to ensure that this is so.

OUR BUSINESS PRINCIPLESWe have, of our own accord, adopted arealistic policy of looking after differentsegments of the population. All school-going children are given special concessionpasses as they are our future commuterswhile all elderly commuters are awardedspecial senior citizen concession passesfor their years of support. The poor, needyand disabled are also not forgotten.We have looked after their needs eitherthrough the Public Transport Fundthat is administered by the NationalTrades Union Congress (NTUC) andCommunity Development Councils,or through the introduction of friendlyand accessible vehicles.

With this fundamental policy in place,we applied to the PTC for a fare increase.Although we were granted a 2.4% increasein fares, we took it upon ourselves toimplement measures to ensure that theless advantaged and the more needysegments of the population were takencare of. These measures included theextension of concessionary hours for seniorcitizens; keeping the maximum fare capfor any single trip on our bus network at$1.90; keeping fares unchanged forchildren and students and; contributing$1.15 million to the Public TransportFund to help the poor and needy. In all,the relief package cost us $3.45 million.

OUR CHALLENGES IN 2005In 2005, the volatile high oil prices andthe global security threat were ourmain challenges.

SBS Transit incurred $101.2 million infuel and energy cost alone, 41.2% moreas compared to 2004. We hedged againstthe oil price increases in the first quarterof the year but the high price volatilityin the remaining part of the year madeit difficult for us to meet the challenge.

On the security front, the terrorist attackson the land transport system in Londonon 7 July 2005, coming so soon after theMadrid bombings in 2004, highlightedthe continued need for vigilance andpreparedness. During the year, we workedclosely with government agencies such asthe Land Transport Authority (LTA) andthe Singapore Civil Defence Force (SCDF)to fine tune our procedures and exerciseour people to ensure our readiness in theevent of an attack. Our months ofpreparation, including no less than six in-house exercises, culminated in the massiveisland wide emergency exercise on 8January 2006 called NorthStar V. Over300 of our staff were directly involved inthe exercise that involved bomb andchemical gas attacks on both the trainsand buses. It was also the first time anexercise had involved participants

Events that occurred in 2005 provided an excellent opportunity for

us to be reminded of our roles and responsibilities as a public

transport service provider. The global security threat, the high

cost of fuel and the constant need to balance our role as a public

service transport operator with that of our responsibilities to our

shareholders came to the fore in 2005.

CHAIRMAN’S STATEMENT

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06

SBS Transit LtdSummary Report 2005

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ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWNCLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALEHARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIANOUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOKBISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTICOMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONGEAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONGPASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAMTOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOKBUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRERPARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLEINDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERARUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIOBAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANGJURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RISPOTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINESTHANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOONLAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVEEUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVANLAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONGRIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGHANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKEQUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONTHOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARKPASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOONTAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOONKENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORALEDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOORKANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOLRANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOHTONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKITMERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARKFERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIAMERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA

“Throughout it all, we stayedtrue to our Vision of moving peoplein a safe, reliable and affordable way.

We have done this in a regulatedenvironment that is fair and just,and have subscribed to standards

which are transparent.”

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who were not aware of the exercise. Tominimise inconvenience to commuters,Goodwill Ambassadors were deployed tohelp with crowd control and assistcommuters at the affected stations andinterchanges. Posters and announcementsin our four official languages were alsomade available to direct commuters to therespective bus stops for their free shuttleservices. In all, 25 air-con single deck buseswere deployed as shuttle services.

With Prime Minister Lee Hsien Loongelevating the subject of service delivery tonational level at the National Day Rally,we have taken it upon ourselves to furtherhighlight this aspect of our operations.We have incorporated a board level ServiceQuality Committee to review our workand to evolve a service quality culture.The goal is to improve our overall level ofservice and to make public transport traveleven more pleasant and safe.

Indeed, service excellence is somethingwe are constantly striving towards. Wehave in place many programmes andincentive schemes aimed at promotingsuch a culture. Our people have also doneus proud. In 2005, our staff won numerousservice awards, including the TransportGold Award and Excellent Service Awards(EXSA). We won 538 EXSA awardsin 2005 as compared to 237 in 2004.We also won the only Super Star awardfor the transport industry when our RouteMaster Chua Aik Ngwen was rewardedfor his commitment to customers,specifically the physically disabled.

With increasing demands on us to providebetter service, the need to attract morequality Bus Captains has become moreurgent. To make bus driving a moreattractive vocation for Singaporeans,we conducted a joint review of theremuneration package for our BusCaptains with the National TransportWorkers’ Union (NTWU) under the JobRe-creation Programme. A new scheme

for the Bus Captains was subsequentlylaunched on 1 July 2005. It has provensuccessful. Within six months, wesaw 277 Singaporeans accepting thejob, translating into an average of 46acceptanies each month, up from themonthly average of 20 previously.

OUR BUSINESSIn 2005, SBS Transit had an operatingfleet of 2,488 buses making about27,500 trips a day. They plied 204scheduled routes and called at 1.4 millionbus stops daily. On average, our 5,698operations and engineering staff caterto about 2 million passenger trips everyday – no small feat indeed.

Over in our rail operations, the North EastLine (NEL) undertook more than 300trips daily. It made about 5,110 stationcalls every day and saw an average dailyridership of 196,098. Our Sengkangand Punggol Light Rail Transit (LRT)systems had an average daily ridership of23,646 and 6,438 respectively. Such isthe scale of our business.

The number of people we move on a dailybasis is huge and ensuring a high levelof service reliability is important. Our staffat interchanges and terminals monitorall trip departures, arrivals and makeadjustments where necessary. We willcontinue to work closely with theauthorities to improve the bus travelexperience. With the improvement on thereliability of bus services, there wouldbe fewer incidents of buses beingovercrowded as well.

But there are bound to be service lapses.We do not want them but they areoften beyond our control as there areother conditions prevailing on the roads,be they other vehicles, weatherconditions or unexpected incidents.We seek commuters’understanding whensuch instances arise. In a bus passengersatisfaction survey commissioned

by the PTC and participated by 1,000regular bus commuters, it was found thatlong waiting time and crowdedness ofbuses were the two major complaints. Wewill continue to enhance our operationsand improve these shortcomings.

A committee set up by the Governmentto look into ageing issues and pushingfor a ‘barrier-free’ Singapore has suggestedmaking the public transport systemwheelchair-friendly. I am pleased to reportthat SBS Transit is the first publictransport operator in Singapore to offerwheelchair-accessible, low-floor buses.In 2005, SBS Transit purchased 150wheelchair-accessible air-conditionedbuses for $71 million. These new buseswill be progressively deployed to ply theroads in 2006, replacing the older buseswhen they reach their statutory lives.The features introduced in these newbuses include special back rests and lowposition handrails – all in line with therecommendations by the committee.

We also supported the Government'seffort in enhancing the employabilityof older workers by launching a newscheme called the Re-employment ofRetired Bus Captain Scheme. Here,retired Bus Captains are re-employed asmentors and driving assessors on a part-time basis. With the engagement ofretired Bus Captains to augment ourworkforce, existing Bus Captains can berelieved from the mentoring role to focuson driving duties. This optimisesresources and results in cost savings forthe Group. The scheme also ensures thatwe tap the skills and experience of a groupof dedicated retired Bus Captains.

BUSINESS REVIEWBUS

With a record 24 new services launchedlast year, SBS Transit continued to bethe undisputed market leader of the localbus industry. The new service launchesare aimed at offering commuters better

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This shows that bus fares in Singaporeare affordable compared to thesemajor cities.

In spite of the low cost of public transporttravel in Singapore, there is a relativelyhigh incidence of fare evasion. To preventfare leakage, Parliament passed a bill tointroduce the penalty fee legislation.It is envisaged that the penalty fee legislationwill help to strength the deterrence againstfare evasion behaviour.

RAILRidership in our rail operations continuedto grow in 2005. For the first time sincewe started the NEL in 2003, average dailyridership crossed the 200,000-mark inOctober 2005. For the year under review,average daily ridership increased by11.6% to 196,098 from the previous year.I am confident this growth will continueas Sengkang and Punggol New Townsget more populated.

With both Sengkang West Loop and thePunggol East Loop starting their revenue

service coverage and boosting revenuegrowth. So far, they have succeeded inboth objectives. Of the 24 new services,eight were basic trunk services while therest were basic plus services includingFast Forward Services, Chinatown DirectServices, Park Services and StadiumDirect Services. The basic plus servicesare services targeted at niche areas orspecific groups.

To gauge our service standards, SBSTransit, together with the LTA, conducteda benchmarking exercise on keyperformance indicators of local andforeign public transport operators.Some of these indicators include fares,financial performance and productivitylevels. Comparing SBS Transit ’sperformance with foreign bus operatorsin major cities like Sydney, Stockholm,New York, Hong Kong and London,I am glad to say that SBS Transit didwell in every measure. For instance, itreported the lowest average fare perpassenger boarding and the lowestoperating cost per passenger kilometre.

service in January 2005, the ridershipfor our LRT systems also improved. TheSengkang LRT achieved an average dailyridership of 23,646, a whopping increaseof 35% as compared to 17,503 in 2004.The Punggol LRT achieved an averagemaiden daily ridership of 6,438 in 2005.

Apart from the improved ridership, ourNEL attained an average of 99.94% inservice availability, exceeding the 98% setby the authority. Train peak hour scheduleadherence also averaged 99.57%, betterthan the minimum requirement of 95%.

We also did our part in educating railcommuters of the correct use of escalators.We appointed Ms Quan Yi Feng, thepopular host from MediaCorp as ourSafety Ambassador, and launched aneducation programme where large sizeposters of the TV host were pasted inall our NEL stations. We also startedmaking announcements in all fourofficial languages to encourage elderly orphysically disabled commuters, as well ascommuters with children, to take the lift.


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CORPORATE SOCIAL RESPONSIBILITYSBS Transit’s iconic Heart Bus continuedto raise funds for the President’sChallenge in 2005. Already in its fourthyear, the Heart Bus raised close to$500,000 for the As-Salaam PPIS FamilySupport Centre, Bright Hill EvergreenHome, Community Chest, PathlightSchool, Rainbow Centre and SingaporeCorporation of Rehabilitative Enterprises.With this latest contribution, the HeartBus has raised approximately $2.1 millionfor the President’s Challenge since 2002.

In an effort to help the less fortunate copewith the fare revision, we contributed$1.15 million to the Public TransportFund. More than $100,000 was also givento various charities and grassrootsorganisations throughout the year as partof our corporate policy to give back to thecommunity.

FINANCIAL RESULTSSBS Transit’s total turnover in 2005increased from $559.6 million in 2004to $576.3 million, an increase of 3%.

Turnover from the bus business increasedby 1.6% from $485.6 million to $493.2million. The increase was mainly due to

the introduction of new bus services andthe fare increase effective from 1 July2005. Profit from bus operations droppedby 15.8% from a restated $60.2 millionto $50.7 million.

Turnover from our rail business increasedby 14.9% from $55.6 million to $63.9million. NEL contributed $58.5 millionwhile the Sengkang LRT, which startedrevenue service of the west loop inJanuary 2005, contributed $4.4 million.The Punggol LRT (East Loop), whichalso started its revenue service in thesame year, contributed $1.0 million.Our efforts in cost control and theincrease in ridership reduced the lossesfrom rail operations significantly.

Business generated from advertisementscontributed $19.2 million in revenue,an increase of 4.6% over 2004.

Our pre-tax profit increased by 5.5%from a restated $60.0 million to $63.3million. Profit after tax was $51.5 million,an increase of 5.1% from a restated $49.0million in 2004.

Capital expenditure of $16.6 millionincreased by $13.0 million, 355.8% higher

than in 2004. The increase was mainlydue to higher expenditure on theAutomatic Vehicle Management Systemand new buses under construction.

In 2005, earnings per share was 17.12cents based on the weighted averagenumber of ordinary shares in issue. Thiswas more than the 16.48 cents in restated2004. Net assets per share stood at91 cents, a drop of 3 cents from 2004.As at 31 December 2005, shareholdersfunds dropped by 1.7% to $274.1 million.This was due to the dividends paid out of$63.4 million. The return on shareholders’funds was 18.6% for 2005.

DIVIDEND PROPOSALIn 2005, the Directors have proposed afinal dividend of 5 cents per ordinaryshare less 20% tax and a special dividendof 15 cents per ordinary share less 20%tax for the approval of the shareholders.Together with the interim dividend of5 cents per ordinary share paid earlier,the total dividend for 2005 will be 25cents per share.

THE YEAR AHEADIn the coming year, we plan to introducemore bus services to further expand our

“In 2005, SBS Transit had anoperating fleet of 2,488 busesmaking about 27,500 trips aday. They plied 204 scheduledroutes and called at 1.4 millionbus stops daily. On average,our 5,698 operations andengineering staff cater to about2 million passenger trips everyday – no small feat indeed.”

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network to meet the demands of ourcommuters and improve bus ridership.

Providing quality service will continueto be a major focus. Work on theAutomatic Vehicle Management Systemis almost coming to an end and wehope to roll out the system across thefleet in the first half of 2006. It willallow us to know the exact location ofall our buses and advise Bus Captainsof the need for diversion whenever thereare bottlenecks on the road. While theAutomatic Vehicle Management Systemwill not be a panacea to our reliabilityproblem due to traffic conditions, itwill go some way to mitigate it.

The Re-employment of Retired BusCaptain Scheme, which I describedearlier, was launched on 1 January2006. It is an approved scheme underthe Add Value And Tap on Age(Advantage! Scheme) administered bythe Workforce Development Agency(WDA).

Ensuring the security and safety for ourcommuters will continue to be oneof our top priorities. Procedures inhandling emergency situations willcontinue to be fine tuned and updated.

With the possibility of a bird flupandemic occuring, we are takingnecessary steps to ensure we are wellplaced to cope with any fallout thatmay occur.

Efforts will continue to be made todrive cost down given the backdrop ofhigh fuel prices and wage increases. Wewill continue to invest in our people toincrease productivity and the level ofengagement of our staff.

A Service Quality Committee made up ofBoard Directors has been set up toformulate service quality ethics andevolve a service culture within the Group.A service quality unit will also beestablished to ensure that what the Boarddecides is carried out efficiently.

APPRECIATIONI would like to congratulate Mr OngBoon Leong on his promotion to theposition of Executive Director followinghis stint as the Chief Operating Officer.He continues to discharge his duties withcommitment and passion under thedirect supervision of the DeputyChairman, Mr Kua Hong Pak, who isalso the Managing Director/Group ChiefExecutive Officer of the parent Group,ComfortDelGro Corporation Limited.I also wish to thank Mr Kua for guidingMr Ong in the course of his duties.

I would also like to express my deepestappreciation to my fellow Directors fortheir continued guidance.

On behalf of the Board of Directors,I thank our customers, business partnersand shareholders for their continued andinvaluable support as well as understanding.

To our team members at all levels of thecompany, I want to thank them for theirhard work and sacrifices made towardscontributing to the company’s growthand safeguarding the company’s interestat all times.

To the NTWU, I wish to thank themfor their unwavering support and ensuringa win-win situation for both the unionand the management. I would like tospecially thank the retired ExecutiveSecretary, Mr Ong Ah Heng, for hisunderstanding, assistance and cooperationover the years, resulting in an excellentand cordial relationship between theNTWU and SBS Transit.

Finally, I wish to thank the authorities,PTC, advisors and grassroots leaders fortheir kind understanding and trust in us.

LIM JIT POHChairman


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BOARD OF DIRECTORSLim Jit PohChairman

Kua Hong PakDeputy Chairman

Ong Boon LeongExecutive Director(Appointed on 29 April 2005)

Cheong Yip Seng

Chin Harn Tong

John De Payva

Tan Kong Eng

Wee Siew Kim

Wong Chin Huat, David

AUDIT COMMITTEEWee Siew KimChairman

Chin Harn Tong

Tan Kong Eng(Appointed on 1 January 2006)

Kua Hong Pak(Stepped down on 1 January 2006)

REMUNERATION COMMITTEEChin Harn TongChairman(Appointed on 1 January 2006)

John De Payva

Lim Jit Poh

Cheong Yip Seng(Stepped down on 1 January 2006)

NOMINATING COMMITTEEJohn De PayvaChairman


Cheong Yip Seng(Appointed on 1 January 2006)

Chin Harn Tong(Stepped down on 1 January 2006)

SERVICE QUALITY COMMITTEE(Constituted on 1 January 2006)

Wong Chin Huat, DavidChairman

John De Payva

Wee Siew Kim

CORPORATE DIRECTORY

REGISTERED OFFICE

205 Braddell RoadSingapore 579701

Mainline (65) 6284 8866Facsimile (65) 6287 0311Email [email protected] www.sbstransit.com.sgCompany Registration No.199206653M

COMPANY SECRETARY

Tan Cher Chong, Bobby

SHARE REGISTRAR

B.A.C.S. PRIVATE LIMITED

63 Cantonment RoadSingapore 089758

AUDITORS

Deloitte & ToucheCertified Public Accountants

6 Shenton Way #32-00DBS Building Tower 2Singapore 068809

Partner-in-Charge:Philip Yuen Ewe Jin

Date of appointment:24 May 2002

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CORPORATE INFORMATION

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LIM JIT POHChairman

(Non-Executive)

BOARD OF DIRECTORS

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Mr Lim Jit Poh was appointed non-executive Chairman andDirector of SBS Transit Ltd in 2003. He is a member of theRemuneration Committee. Mr Lim is also the Chairman ofComfortDelGro Corporation Ltd, VICOM Ltd and AscottResidence Trust Management Limited as well as a Director ofseveral listed companies with business interests in finance (stockbroking and factoring), insurance, property trust, hospitality,manufacturing and oil and energy services. Mr Lim is also aDirector of several unlisted companies under the ownershipsof the Singapore Labour Foundation and Temasek Holdings(Private) Limited.

In 2005, Mr Lim was appointed Chairman of the CorporateGovernance Assessment Committee of the China Aviation Oil(S) Corporation Limited to help in the review of the corporategovernance practices following the financial crisis of the company.He is earmarked to be its Chairman following the restructuringof the company.

Mr Lim was a former top civil servant and a Fulbright scholar.He was awarded the Public Administration Medal by theGovernment of Singapore in 1972 and three awards by theNational Trades Union Congress, namely Friend of LabourAward in 1986, Meritorious Service Award in 1990 andDistinguished Service Award in 2000. Mr Lim is a trustee ofthe Singapore National Employers’ Federation.

Mr Lim was a Council Member of the Singapore ChineseChambers of Commerce and Industry and the NationalUniversity of Singapore, and a member of the Singapore BritishBusiness Council. He was also very active in community workbeing Chairman of a community centre management committee.Presently, he serves as Vice President of Orchid Country Cluband the Board of Management of Pei Chun Public School.

Mr Lim holds a Bachelor of Science (Hons) in Physics from theUniversity of Singapore and a Masters of Education from theUniversity of Oregon, USA.

Pursuant to Article 97 of the Company’s Articles of Association,Mr Lim will be due for re-election at the forthcoming AnnualGeneral Meeting to be held on 27 April 2006. He is a non-independent Director of the Company.

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KUA HONG PAKDeputy Chairman(Non-Executive)

ONG BOON LEONG

Executive Director

Mr Kua Hong Pak has been a Director of the Company since1993. In 2003, he was appointed Deputy Chairman of theCompany. Mr Kua is presently the Managing Director/GroupChief Executive Officer of ComfortDelGro Corporation Limited.Prior to this, he was the President/Chief Executive Officerof Times Publishing Limited from 1989 to 2001.

Mr Kua also serves on the boards of Temasek Holdings (Private)Limited, Overseas Union Enterprise Limited, PSA InternationalPte Ltd, PSA Corporation Limited, StarHub Ltd and RingierPrint (HK) Limited. He is also an Honorary Citizen of ShenyangCity, China. In recognition of his contributions to communityservice, he was awarded the Public Service Medal in 1991 andPublic Service Star in 1996 by the President of the Republic ofSingapore and re-appointed a Justice of the Peace in 2005.He was also awarded a medal of commendation by the NationalTrades Union Congress in 2005.

Mr Kua holds a Bachelor of Accountancy degree from Universityof Singapore and is a Fellow of the United Nations AsianInstitute. He also attended the Advanced ManagementProgramme at Harvard Business School.

Mr Kua was last re-elected a Director of the Company pursuantto Article 97 of the Company’s Articles of Association at theAnnual General Meeting held on 29 April 2004. He is a non-independent Director of the Company.

Mr Ong Boon Leong was appointed Executive Director of SBSTransit Ltd in 2005.

Mr Ong first joined DelGro Corporation Limited in 1994 asSenior Manager, Corporate Development where he wasresponsible for business development, corporate planning andcorporate communications. From 1998, he was concurrentlyappointed Group Chief Financial Officer.

On his promotion to Executive Vice President in 2000, MrOng assumed the position of Chief Executive Officer (CEO)Europe Business, a position which oversees the DelGroCorporation Limited’s operations in United Kingdom andIreland. Subsequently in 2001, he was concurrently appointedDeputy CEO of SBS Transit Ltd. In 2003, Mr Ong assumedthe position of Chief Operating Officer. He oversees the day-to-day operations of both the bus and rail businesses.

Prior to joining the ComfortDelGro Group, Mr Ong servedin the Administrative Service with stints in the Ministry ofCommunications and Ministry of Home Affairs. He also workedas an Investment Analyst at Standard Chartered SecuritiesPte Ltd.

Mr Ong was a Monbusho scholar and holds a degree inEconomics from Hitosubashi University, Japan.

Pursuant to Article 103 of the Company’s Articles of Association,Mr Ong will be due for re-election at the forthcoming AnnualGeneral Meeting to be held on 27 April 2006. He is a non-independent Director of the Company.

BOARD OF DIRECTORS

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CHEONG YIP SENG

Director(Non-Executive)

CHIN HARN TONGDirector

(Non-Executive)

Mr Chin Harn Tong has been a non-executive Director of SBSTransit Ltd since 1993. He is the Chairman of the Company’sRemuneration Committee and a member of the AuditCommittee. He is currently also a Director of CityCab Pte Ltd.He had previously been the Secretary, Executive Director andAdvisor of NTUC Comfort (1971 – 1986).

Mr Chin is the Advisor to the North-East CommunityDevelopment Council and the Singapore Stevedores’ Union.He was the Member of Parliament for Aljunied from 1972 to1996. He was also the Political Secretary, Parliamentary Secretaryand Senior Parliamentary Secretary between 1976 and 1988.

Mr Chin was awarded the Public Administration Medal bythe Government of Singapore in 1971, the Friend of Labourin 1971 and the Meritorious Service Award by the NationalTrades Union Congress in 2000. He was also appointed a Justiceof the Peace in 1998.

Mr Chin holds a Bachelor of Arts from Nanyang University(1963). In 1970 he was awarded Colombo Plan Fellowship inIndustrial Relations, Australia and was subsequently secondedto the NTUC and was promoted to the Administrative Service.

Mr Chin was last re-elected a Director of the Company pursuantto Article 97 of the Company’s Articles of Association at theAnnual General Meeting held on 28 April 2005. He is anindependent Director of the Company.

Mr Cheong Yip Seng has been a non-executive Director of SBSTransit Ltd since 1997. He is a member of the Company’sNominating Committee. Mr Cheong has been the Editor-in-Chief of the English/Malay Newspapers Division of SingaporePress Holdings Limited since January 1987.

Mr Cheong is a Director of Singapore Press Holdings (Overseas)Limited, The Times Press Foundation (Singapore) PrivateLimited, The Straits Times Press (1975) Limited and the STP(London) Ltd. He is a Council Member of the NationalUniversity of Singapore. In 1997, Mr Cheong was awarded theASEAN Award for Information.

Mr Cheong attended the Executive Programme at StanfordBusiness School and Advanced Management Programme atHarvard Business School.

Mr Cheong was last re-elected a Director of the Companypursuant to Article 97 of the Company’s Articles of Associationat the Annual General Meeting held on 28 April 2005. He isan independent Director of the Company.

BOARD OF DIRECTORS

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JOHN DE PAYVA


TAN KONG ENG


Mr Tan Kong Eng has been a non-executive Director ofSBS Transit Ltd since 1992. He was the Managing Directorof DelGro Corporation Limited between 1973 and 1994.He is a member of the Company’s Audit Committee.Mr Tan retired in 1994 and currently a Director of Glory& Company Private Limited and Changi Bus Company(Private) Limited.

Pursuant to Section 153(6) of the Company’s Act, Cap. 50,Mr Tan will be due for re-appointment as a Director at theforthcoming Annual General Meeting to be held on 27 April2006. He is an independent Director of the Company.

Mr John De Payva has been a non-executive Director of SBSTransit Ltd since 1999. He is the Chairman of the Company’sNominating Committee and a member of the RemunerationCommittee and Service Quality Committee.

Mr De Payva is President of the National Trades Union Congress.He is also a Director and Secretary General of the SingaporeManual and Mercantile Workers’ Union since January 1988and a Director of NTUC Thrift & Loan Cooperative Ltd andVITA Holdings Limited.

Mr De Payva holds a Diploma in Industrial Relations from theSingapore Institute of Labour Studies.

Mr De Payva was awarded the Public Star Medal in 1998 andPublic Service Star in 2004 by the President of the Republicof Singapore.

Pursuant to Article 97 of the Company’s Articles of Association,Mr De Payva will be due for re-election at the forthcomingAnnual General Meeting to be held on 27 April 2006. He isan independent Director of the Company.

BOARD OF DIRECTORS

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WEE SIEW KIM


WONG CHIN HUAT, DAVID


Mr Wong Chin Huat, David has been a non-executive Directorof SBS Transit Ltd since 1997. He is the Chairman of theCompany’s Service Quality Committee and a member of theNominating Committee.

Mr Wong is the Senior Partner of Ramdas and Wong, a positionhe held since June 1974.

Mr Wong is also a Director of ComfortDelGro CorporationLimited and several other listed companies. He also serves as amember of the Public Service Commission and the SingaporeLabour Foundation as well as Chairman of Bedok Citizens’Consultative Committee.

Mr Wong was awarded the Friend of Labour in 1989, theMeritorious Service Award in 1995 and the DistinguishedService Award in 2001 by the National Trades Union Congress.Mr Wong also received a Certificate of Appreciation by theSingapore Labour Foundation for services rendered as a Directorof Pasir Ris Resort Services Pte Ltd in 1989. In 1991, he wasawarded the Public Service Star and in 2005, the Public ServiceStar (Bar) by the President of the Republic of Singapore forcommunity and social services rendered.

Mr Wong holds a LL.B (Hons) from the University of Singaporeand a LL.M from Centre for Commercial Law, Queen MaryCollege, University of London.

Pursuant to Article 97 of the Company’s Articles of Association,Mr Wong will be due for re-election at the forthcoming AnnualGeneral Meeting to be held on 27 April 2006. He is a non-independent Director of the Company.

Mr Wee Siew Kim has been a non-executive Director ofSBS Transit Ltd since 2003. He is the Chairman of theCompany’s Audit Committee and a member of the ServiceQuality Committee.

Mr Wee is the Deputy CEO of Singapore TechnologiesEngineering Ltd. Prior to this, Mr Wee held several positionswithin Singapore Technologies Engineering and SingaporeTechnologies Aerospace Ltd, the last being the President ofthe latter organisation.

Mr Wee is also the Member of Parliament, Ang Mo Kio GRC,Jalan Kayu Division. He is presently a Director of SingaporeBritish Engineering Pte Ltd, Singapore Technologies KineticsLtd, Singapore Technologies Electronics Limited, SingaporeTechnologies Aerospace Ltd, Singapore Technologies MarineLtd and Singapore Technologies Dynamics Pte Ltd.

Mr Wee holds a Bachelor of Science (Aeronautical Engineering)(Hons) from the Imperial College of Science and Technologyand Masters in Business Administration from Graduate Schoolof Business, Stanford University. He was awarded the CharlesGriffith Book Prize for best final year results from the ImperialCollege of Science and Technology in 1984.

Mr Wee was last re-elected a Director of the Company pursuantto Article 97 of the Company’s Articles of Association at theAnnual General Meeting held on 28 April 2005. He is anindependent Director of the Company.

BOARD OF DIRECTORS

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INTRODUCTIONAs a land transport provider with a vision of movingpeople in a safe, reliable and affordable way, SBS Transithas always been committed to maintaining and upholdingthe highest standards of corporate governance to enhanceand safeguard the best interest of all our stakeholders.As a further commitment towards enhancing corporatetransparency and promoting good corporate governancepractices amongst its employees, we have adopted theCode of Business Conduct of our parent companyComfortDelGro, which sets out the principles and policiesupon which its businesses will be regulated taking intoaccount the applicable laws and regulations. To enhancethe effectiveness of the Code of Business Conduct, and toprevent the occurrence of unethical conduct or behavior,immediately stopping any such act ivit ies that aredetected and disciplining employees who engaged in suchactivities, we have also adopted the policy on WhistleBlowing of our parent company.

This summary report sets out the corporate governancepractices that were in place during the year with specificreference to the Code of Corporate Governance. The fullcorporate governance report is set out in the Company’sAnnual Report.

BOARD OF DIRECTORSPrinciple 1 – THE BOARD’S CONDUCT OF ITS AFFAIRSAt the helm in the decision making process of the Groupis the Board of Directors. The Board is headed by the non-executive Chairman, Mr Lim Jit Poh.

The Board has delegated the day to day management andrunning of the Company to the management headed

by the Executive Director, Mr Ong Boon Leong, whilereserving certain key issues and policies for its approval.

To assist the Board in the detailed consideration of thevarious issues at hand and to facilitate decision making,three committees had been formed namely, the AuditCommittee (AC), the Nominating Committee (NC), andthe Remuneration Committee (RC).

In addition a new Board Committee known as ServiceQuality Committee was also formed recently to assist theCompany in enhancing its quality of service to itscommuters and to oversee the communication frameworkand handling of feedback for both the bus and rail services.

To tie in with the requirement for quarterly and final yearreporting, and the approval of the Company’s AnnualBudget, a total of four scheduled Board meetings are heldin each financial year. The quarterly and final year Boardmeetings are held within 45 days after the end of eachquarter and the financial year (as the case may be). TheCompany’s Annual Budget is approved at the Boardmeeting for the third quarter’s results. Ad-hoc Boardmeetings are also held from time to time as and when theneed arises.

In order to assist Directors in planning their attendanceat Board and Committees meetings, meeting dates foreach year are scheduled in advance in consultation withthe Directors.

The attendance of the Directors at the Board and Committeemeetings for FY 2005 and the frequency of such meetingsis set out below:

BOARD AUDIT NOMINATING REMUNERATIONCOMMITTEE COMMITTEE COMMITTEE

NO. OF NO. OF NO. OF NO. OF NO. OF NO. OF NO. OF NO. OFMEETINGS MEETINGS MEETINGS MEETINGS MEETINGS MEETINGS MEETINGS MEETINGS

NAME HELD ATTENDED HELD ATTENDED HELD ATTENDED HELD ATTENDED

Lim Jit Poh 5 5 - - - - 3 3

Kua Hong Pak 5 5 4 4 - - - -

Ong Boon Leong* 5 5 - - - - - -

Cheong Yip Seng 5 5 - - - - 3 3

Chin Harn Tong 5 5 4 4 1 1 - -

John De Payva 5 4 - - 1 1 3 3

Tan Kong Eng 5 5 - - - - - -

Wee Siew Kim 5 4 4 4 - - - -

Wong Chin Huat, David 5 5 - - 1 1 - -

* Appointed Executive Director on 29 April 2005.

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Principle 1 – THE BOARD’S CONDUCT OF ITS AFFAIRS (cont’d)

Regular presentations are held to enable Directors tofamilarise themselves with the Company’s businesses.Directors are also furnished regularly with analyst reports,updates on corporate governance practices, and articlesrelating to changes in laws relevant to the Company’sbusinesses and operating environment.

The Board reviews the adequacy of the internal controlsand financial authority limits to ensure that while thereis delegation of authority, sufficient checks and balancesare in place to monitor such delegation.

Principle 2– BOARD COMPOSITION AND BALANCEThe Board presently comprises nine Directors, of whomonly one Director is an executive of the Company. Of theeight remaining non-executive Directors, five of themare considered by the NC to be independent.

The NC, having reviewed the composition of the Board,is satisfied that the present size of the Board is effectivefor decision making. The NC is also satisfied that theBoard comprises of Directors with a variety of skills, corecompetencies and expertise and working experience fromvarious industries, is effective and has the competencies todischarge its duties and responsibilities.

Principle 3 – CHAIRMAN AND EXECUTIVE DIRECTORThe Chairman and the Executive Director have separateand distinct roles. The Chairman is responsible for theeffective functioning of the Board while the ExecutiveDirector is responsible for the day-to-day operations of theCompany. The Executive Director reports to the DeputyChairman. The Chairman, Deputy Chairman and theExecutive Director are not related to one another.

Principle 4 – BOARD MEMBERSHIPThe NC comprises three non-executive Directors, ofwhom two, including the Chairman are independent.The Company Secretary is the Secretary to the NC.

In addition, appointments and re-appointments of Directorsto the Board of the Company are subject to approvals ofthe Land Transport Authority and the Public TransportCouncil.

The Articles of Association of the Company provide thatone third of the Directors (except the Managing Director)are subject to retirement by rotation every year and Directorsappointed during the year will be subject to re-election atthe annual general meeting immediately following hisappointment. For the forthcoming annual general meeting,Mr Lim Jit Poh, Mr John De Payva and Mr Wong ChinHuat, David are due for re-election pursuant to Article 97and Mr Ong Boon Leong is due for re-election pursuantto Article 103 of the Company’s Articles of Association,while Mr Tan Kong Eng is due for re-appointment pursuantto Section 153(6) of the Companies Act, Cap. 50.

Principle 5 – BOARD PERFORMANCEThe effectiveness of the Board is monitored by the NCannually in terms of overall performance and growth of theCompany, achieving an adequate return for shareholders,preventing conflicts of interest and balancing the competingdemands of the Company. In evaluating the contributionsand performance of each individual Director, factors takeninto consideration include, inter alia, attendance at Boardmeetings and activities, contributions in specialist areasand maintenance of independence.

In evaluating the performance of the Board, the NC alsoconsidered the Company’s share price performance overa five-year period vis-à-vis the Singapore Straits Timesindex and a benchmark index of its industry peer. The NCalso considered other official indicators, including growthin earnings and net tangible assets per share, return onassets, dividend per ordinary share and dividend yield inits evaluation.

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Principle 6 – ACCESS TO INFORMATIONIn addition to the Annual Budget which is submitted tothe Board for approval, comprehensive quarterly andannual financial statements and reports are also submittedto the Board for approval prior to being released to theSingapore Exchange Securities Trading Limited (SGX).

The Board has full access to the management team andthe Company Secretary. The Company Secretary hasdefined roles and responsibilities and attends all Boardand Committee meetings of the Company.

REMUNERATION MATTERSPrinciple 7 – PROCEDURES FOR DEVELOPINGREMUNERATION POLICIESThe RC was formed to provide the Board with an independentassessment and review of executive remuneration. TheRC also reviews from time to time the remunerationframework and strategy for executive compensation.

The RC comprises three non-executive Directors. Themembers of the RC are independent of managementand free from any business or other relationships, whichmay materially interfere with the exercise of independentjudgment. The Company Secretary is the Secretary tothe RC.

Principle 8 – LEVEL AND MIX OF REMUNERATIONThe remuneration packages of key executives of theCompany comprised both fixed and variable components.The var iable component, in the form of year-endperformance bonuses and stock options, form a significant

proportion of the remuneration packages and is dependentupon the profitability of the Company and individualperformance. Subject to market conditions and operatingenvironment, the Company is working towards achievingratios of fixed to variable component of total compensationpackage of 70:30 for rank and file employees, 60:40 formiddle management staff and 50:50 for top managementstaff. The Company believes that a high proportion ofperformance related component would ensure greateralignment of interests of the executives with those of theshareholders.

The structure for the payment of Directors’ fees for non-executive Directors is based on a framework comprisingbasic fees and additional fees for serving on Boardcommittees and also for undertaking additional servicesfor the Company. The fees are subject to approval ofshareholders at the annual general meeting.

The non-executive Directors of the Company are appointedpursuant to, and hold office in accordance with, theArticles of Association. They are eligible for and have beengranted options under the SBS Transit Employees’ ShareOption Scheme.

Principle 9 – DISCLOSURE OF REMUNERATIONThe remuneration of the Directors and the key executivesof the Company (who are also not Directors) for the financialyear 2005 are found on page 35 of this Summary Report.

During the financial year 2005, no key executive was animmediate family member of any Director of the Company.

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ACCOUNTABILITY AND AUDITPrinciple 10 – ACCOUNTABILITYDuring financial year 2005, the Company released itsquarterly and full-year results within 45 days from theend of each quarter or financial year as the case may be.

Principle 11 – AUDIT COMMITTEEThe Company’s AC comprises three non-executive Directors,of whom all are independent. The Board has reviewedand is satisfied that the members of the AC are appropriatelyqualified to discharge their responsibilities.

In the performance of its duties, the AC has explicitauthority to investigate into the affairs falling within itsterms of reference, full access to and cooperation frommanagement, discretion to invite any Director to attendits meetings and reasonable resources to enable it todischarge its duties properly.

During the financial year, the AC also met with the externaland internal auditors without the presence of management.The AC has reviewed the independence of the externalauditors, Deloitte & Touche, including the scope of non-audit services performed, and has recommended to theBoard that the external auditors are independent. The Boardhas accepted the recommendation of the AC.

Principle 12 – INTERNAL CONTROLSThe Company has well-established internal controls andcompliance functions. These include:

(i ) Financial Authority LimitsComprehensive and specific financial authority limitsare put in place for capital expenditure, operatingexpenses, treasury matters, direct investments,revenue tender participation, and disposal and write-off of assets.

(ii) Budgetary ControlA robust and chal lenging Annual Budget i sprepared and approved by the Board prior to thecommencement of each new financial year. Variations

between actual and budgeted performance are reviewedand justifications provided, if material. The AnnualBudget is also reviewed half way through the financialyear to ensure that the budget assumptions usedremained valid and sustainable. Specific approvalsare also required for unbudgeted expendituresexceeding a relevant threshold. In addition, thecapital expenditure budget is approved in principleby the Board when the Annual Budget is approved.Each capital expenditure spending is still subjectto rigorous justification and review in accordancewith the Company’s financial authority limits. Also,tight control is implemented on hiring throughheadcount budgets.

(iii) Investment Proposals and Business OpportunitiesTo ensure that the rate of return on any newinvestment or business opportunity is commensuratewith the risk exposure taken, apart from undertakinga detailed feasibility study, the new investmentopportunity is evaluated by management in termsof (a) return on investment; (b) pay back period;(c) cash flow generation; (d) potential for internaland external growth; (e) investment climate; and(f ) political stability.

(iv ) Operations RiskThe Company has organised its management structureto ensure that operational risks are continuouslyidentified, managed and mitigated.

(v ) Financial RiskThe main areas of financial risk faced by the Companyare foreign currency exchange rate risk, interest raterisk, credit risk, liquidity and funding risk andcommodity risk. The Company recognises thatmanagement of f inancial risk is an importantaspect in its drive towards creating shareholders’value. Management oversees financial risk managementand regularly reviews its policy governing riskmanagement practices.


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Principle 13 – INTERNAL AUDITThe internal audit function of the Company is performedby the Internal Audit Department of its holding companycomprising a team of nine staff and headed by the GroupInternal Audit Officer. She reports functionally to theChairman of the AC. The Company Secretary is theSecretary of the AC.

The Internal Audit Department provides an independentand objective evaluation of the internal control systemsand corporate governance processes of the Group inaccordance with the audit plan as approved by the ACand to recommend improvements, where necessary.

COMMUNICATIONS WITH SHAREHOLDERSPrinciple 14 – REGULAR, EFFECTIVE AND FAIRCOMMUNICATIONS WITH SHAREHOLDERSThe Company has in place a communication frameworkthat regularly communicates pertinent and relevantinformation to shareholders, gathers views and addressesshareholders’ concerns. Communications with shareholdersare achieved through announcements to the SingaporeExchange Limited and press releases, press and mediabriefings after the announcement of the full-year’s resultsand the posting of announcements and releases on theCompany’s website.

As part of a programme of investor relations, the Group’sInvestor Relations Team together with senior managementmeet with major institutional investors on a regular basis.

Principle 15 – SHAREHOLDERS PARTICIPATIONAT ANNUAL GENERAL MEETINGThe Articles of Association of the Company provides forvoting in person at annual general meetings of the Company.The Chairman of the various Board Committees as well asthe external auditors are present to address questions raisedby shareholders at the annual general meetings.

Issues or matters requiring shareholders’ approval are tabledin the form of separate and distinct resolutions.

DEALINGS IN SECURITIESThe Company has adopted an internal code based on theSGX’s guideline to provide guidance to the Directors andofficers of the Company in relation to dealings in thesecurities of the Company, ComfortDelGro and VICOM.Directors and officers of the Company have to refrain fromdealing in the securities of the Company, ComfortDelGroand/or during the period commencing two weeks beforethe announcement of the Company’s, ComfortDelGro’sand/or VICOM’s first, second and third quarter results,and one month before the announcement of the full-yearresults, and ending on the date of the announcement of therelevant results.

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SUMMARYFINANCIALSTATEMENT

CONTENTS

24 Report of the Directors

28 Auditors’ Statement

29 Balance Sheets

31 Consolidated Profit and Loss Statement

32 Consolidated Statement of Changes in Equity

33 Consolidated Cash Flow Statement

35 Additional Information

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SHAREHOLDINGS REGISTERED SHAREHOLDINGS IN WHICH DIRECTORSIN NAME OF DIRECTOR ARE DEEMED TO HAVE INTEREST

AT AT1 JANUARY 1 JANUARY

2005 2005NAME OF DIRECTORS AND OR DATE OF AT AT OR DATE OF AT ATCOMPANIES IN WHICH APPOINTMENT, 31 DECEMBER 21 JANUARY APPOINTMENT, 31 DECEMBER 21 JANUARYINTERESTS ARE HELD IF LATER 2005 2006 IF LATER 2005 2006

Interest in the Company

(a) Ordinary sharesof $0.25 each

Kua Hong Pak - 150,000 150,000 - - -Ong Boon Leong 280,000 280,000 280,000 - - -Cheong Yip Seng - 85,000 85,000 - - -Chin Harn Tong - 100,000 100,000 - - -Tan Kong Eng 4,800 134,800 134,800 691,548 691,548 691,548Wee Siew Kim - 155,000 155,000 - - -Wong Chin Huat, David - 120,000 120,000 - - -

IMPORTANT

The summary financial statement as set out on pages 24 to35 contains only a summary of the information extractedfrom the report of the directors and financial statements ofthe Company’s full annual report. It does not contain sufficientinformation to allow for a full understanding of the resultsand the state of affairs of the Group and of the Company.For further information, the full financial statements, theauditors’ report on those financial statements and the reportof the directors in the annual report should be consulted.Shareholders may request for a copy of the annual report atno cost. Please use the Request Form at the end of thissummary financial statement.

REPORT OF THE DIRECTORS

1 DIRECTORS

The Directors of the Company in office at the date of thisreport are:

Lim Jit PohChairman

Kua Hong PakDeputy Chairman

Ong Boon LeongExecutive Director, appointed on 29 April 2005

Cheong Yip Seng

Chin Harn Tong

John De Payva

Tan Kong Eng

Wee Siew Kim


2 ARRANGEMENTS TO ENABLE DIRECTORS

TO ACQUIRE BENEFITS BY MEANS OF THE

ACQUISITION OF SHARES AND DEBENTURES

Neither at the end of the financial year nor at any timeduring the financial year did there subsist any arrangementwhose object is to enable the directors of the Company toacquire benefits by means of the acquisition of shares ordebentures in the Company or any other body corporate,except for the options mentioned below.

3 DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES

The Directors of the Company holding office at the endof the financial year had no interest in the share capitaland debentures of the Company and its related corporationsas recorded in the register of directors’ shareholdings keptby the Company under Section 164 of the SingaporeCompanies Act, Cap. 50, except as follows:

SUMMARY FINANCIAL STATEMENTfor the financial year ended 31 December 2005

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SHAREHOLDINGS REGISTERED SHAREHOLDINGS IN WHICH DIRECTORSIN NAME OF DIRECTOR ARE DEEMED TO HAVE INTEREST

AT AT1 JANUARY 1 JANUARY

2005 2005NAME OF DIRECTORS AND OR DATE OF AT AT OR DATE OF AT ATCOMPANIES IN WHICH APPOINTMENT, 31 DECEMBER 21 JANUARY APPOINTMENT, 31 DECEMBER 21 JANUARYINTERESTS ARE HELD IF LATER 2005 2006 IF LATER 2005 2006

(b) Options to subscribefor ordinary sharesof $0.25 each

Lim Jit Poh 230,000 200,000 200,000 - - -Kua Hong Pak 195,000 180,000 180,000 - - -Ong Boon Leong 250,000 350,000 350,000 - - -Cheong Yip Seng 155,000 100,000 100,000 - - -Chin Harn Tong 130,000 110,000 110,000 - - -John De Payva 135,000 135,000 135,000 - - -Tan Kong Eng 130,000 80,000 80,000 - - -Wee Siew Kim 155,000 100,000 100,000 - - -Wong Chin Huat, David 150,000 110,000 110,000 - - -

Interest in ultimate holding company, ComfortDelGro Corporation Limited

(a) Ordinary shares of $0.25 each

Lim Jit Poh 457,636 44,425 44,425 - - -Kua Hong Pak 874,530 1,624,530 1,624,530 - - -Ong Boon Leong 267,345 401,362 401,362 - - -T an Kong Eng 64,162 64,162 64,162 9,277,513 9,277,513 9,277,513Wong Chin Huat, David - 200,000 200,000 - - -


Lim Jit Poh 686,789 400,000 400,000 - - -Kua Hong Pak 1,350,000 2,400,000 2,400,000 - - -Ong Boon Leong 921,525 820,508 820,508 - - -Wong Chin Huat, David 250,000 200,000 200,000 - - -

Interest in related company, VICOM Ltd

(a) Ordinary sharesof $0.25 each

Lim Jit Poh 30,000 30,000 30,000 - - -Cheong Yip Seng 10,000 10,000 10,000 - - -


Lim Jit Poh 150,000 160,000 160,000 - - -Kua Hong Pak 45,000 54,000 54,000 - - -

3 DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (cont’d)


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NUMBER OF OPTIONS TO SUBSCRIBE FOR ORDINARY SHARES OF $0.25 EACH

OUTSTANDING OUTSTANDING SUBSCRIPTIONAT 1 JANUARY CANCELLED/ AT 31 DECEMBER PRICE EXPIRY

DATES OF GRANTS 2005 GRANTED EXERCISED LAPSED 2005 PER SHARE DATES

26 September 7,494,250 4,413,750 (4,619,500) (477,750) 6,810,750 $1.22 19 July2000 to to $2.29 2009 to18 November 18 November2005 2015

4 DIRECTORS’ RECEIPT AND ENTITLEMENT TO CONTRACTUAL BENEFITS

Since the beginning of the financial year, no Director of the Company has received or become entitled to receive abenefit which is required to be disclosed under Section 201(8) of the Singapore Companies Act, Cap. 50, by reason ofa contract made by the Company or a related corporation with the director or with a firm of which he is a member, orwith a company in which he has a substantial financial interest except as disclosed in the financial statements. CertainDirectors received remuneration from related corporations in their capacity as Directors and/or executives of those relatedcorporations.

5 SHARE OPTIONS

a) Share options under the SBS Transit Share Option Scheme (“SSOS”) of the Company are as follows:

b) Details of the SSOS options granted to Directors of the Company during the financial year and since the commencementof the SSOS up to 31 December 2005 were as follows:

NUMBER OF OPTIONS TO SUBSCRIBE FOR ORDINARY SHARES OF $0.25 EACH

AGGREGATE AGGREGATEGRANTED OPTIONS OPTIONS

DURING THE GRANTED EXERCISED AGGREGATEFINANCIAL SINCE THE SINCE THE OPTIONS

YEAR ENDED COMMENCEMENT COMMENCEMENT OUTSTANDING AS31 DECEMBER TO 31 DECEMBER TO 31 DECEMBER AT 31 DECEMBER

DIRECTOR 2005 2005 2005 2005

Lim Jit Poh 150,000 380,000 180,000 200,000Kua Hong Pak 135,000 330,000 150,000 180,000Ong Boon Leong 225,000 630,000 280,000 350,000Cheong Yip Seng 100,000 255,000 155,000 100,000Chin Harn Tong 80,000 210,000 100,000 110,000John De Payva 100,000 235,000 100,000 135,000Tan Kong Eng 80,000 210,000 130,000 80,000Wee Siew Kim 100,000 255,000 155,000 100,000Wong Chin Huat, David 80,000 230,000 120,000 110,000


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6 AUDIT COMMITTEE

At the date of this report, the Audit Committee comprisesthree non-executive and independent directors:

Wee Siew KimChairman

Chin Harn Tong

Tan Kong EngAppointed on 1 January 2006

The Audit Committee carried out its functions inaccordance with Section 201B(5) of the SingaporeCompanies Act, Cap. 50.

In performing its functions, the Audit Committee reviewedthe overall scope of both internal and external audits andthe assistance given by the Company’s officers to theauditors. It met with the Company’s internal and externalauditors to discuss the scope and results of theirrespective audits. The Audit Committee has reviewed theindependence of the auditors, Messrs Deloitte & Touche,including the scope of the non-audit services performedand has recommended to the Board of Directors that theauditors are independent. The Board of Directors hasaccepted the recommendation of the Audit Committee.

In addition, the Audit Committee reviewed the financialstatements of the Group and the Company before theirsubmission to the Board of Directors of the Company.

The Audit Committee has recommended to the Boardof Directors, the nomination of Deloitte & Touche forre-appointment as auditors of the Company at theforthcoming annual general meeting.

7 AUDITORS

The auditors, Deloitte & Touche, have expressed theirwillingness to accept re-appointment.

The summary financial statement was approved by theBoard of Directors and was signed on its behalf by:

LIM JIT POHChairman

KUA HONG PAKDeputy Chairman

Singapore13 February 2006


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We have examined the summary financial statement, whichhas been prepared by the Directors of the Company, set outon pages 24 to 35.

In our opinion, the summary financial statement is consistent,in all material respects, with the full financial statements andreport of the directors of SBS Transit Ltd for the year ended31 December 2005 and comply with the requirements ofSection 203A of the Companies Act, Cap. 50, and regulationsmade thereunder.

For a better understanding of the state of affairs of the Groupand of the Company as at 31 December 2005 and of theresults of the Group for the financial year ended on that dateand of the scope of our audit, the summary financial statementshould be read in conjunction with the full financial statementsand our audit report thereon.

We have issued an unqualified audit report dated 13 February2006 on the full financial statements of SBS Transit Ltd forthe year ended 31 December 2005, which reads as follows:

“AUDITORS’ REPORT TO THE MEMBERS OF

SBS TRANSIT LTD

We have audited the balance sheet of SBS Transit Ltd andthe consolidated financial statements of the Group forthe year ended 31 December 2005 set out on pages # to #.These financial statements are the responsibility of theCompany’s Directors. Our responsibility is to express anopinion on these financial statements based on our audit.

We conducted our audit in accordance with SingaporeStandards on Auditing. Those Standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting

principles used and significant estimates made by the Directors,as well as evaluating the overall financial statementspresentation. We believe that our audit provides a reasonablebasis for our opinion.

In our opinion,

a) the consolidated financial statements of the Group andthe balance sheet of the Company are properly drawn upin accordance with the provisions of the SingaporeCompanies Act, Cap. 50 (the “Act”) and SingaporeFinancial Reporting Standards so as to give a true and fairview of the state of affairs of the Group and of the Companyas at 31 December 2005 and of the results, changes inequity and cash flows of the Group for the financial yearended on that date; and

b) the accounting and other records required by the Actto be kept by the Company have been properly kept inaccordance with the provisions of the Act.”

Note: # The page numbers are as stated in the Annual Report of the Company for the financial year ended 31 December 2005.

DELOITTE & TOUCHECertified Public Accountants

PHILIP YUEN EWE JINPartner

Singapore13 February 2006

AUDITORS’ STATEMENTto the members of SBS Transit Ltd

28


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THE GROUP THE COMPANY

2005 2004 2005 2004$’000 $’000 $’000 $’000

(Restated) (Restated)

ASSETS

CURRENT ASSETS:

Short-term deposits and bank balances 19,451 80,653 19,451 80,653

Held-for-trading investments 208,321 215,163 208,321 215,163

Available-for-sale investments 2,996 - 2,996 -

Trade receivables 3,834 3,530 3,834 3,530

Other receivables and prepayments 19,646 11,120 19,646 11,120

Inventories 11,567 10,715 11,567 10,715

Total current assets 265,815 321,181 265,815 321,181

NON-CURRENT ASSETS:

Associates 2,533 2,355 1,026 1,026

Available-for-sale investments 54,103 38,927 54,103 38,927

Hedging instruments 70 - 70 -

Vehicles, premises and equipment 162,565 168,878 162,565 168,878

Total non-current assets 219,271 210,160 217,764 208,831

Total assets 485,086 531,341 483,579 530,012

29

BALANCE SHEETS31 December 2005


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THE GROUP THE COMPANY

2005 2004 2005 2004$’000 $’000 $’000 $’000

(Restated) (Restated)

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Trade payables 123,621 115,046 123,621 115,046

Hedging instruments 12 - 12 -

Fuel price equalisation account 34,075 34,075 34,075 34,075

Loan payable - 50,000 - 50,000

Provision for claims 7,767 7,390 7,767 7,390

Income tax payable 15,384 13,754 15,384 13,754

Total current liabilities 180,859 220,265 180,859 220,265

NON-CURRENT LIABILITIES:

Deferred tax liabilities 18,499 19,818 18,499 19,818

Provision for service benefits and long service awards 11,613 12,522 11,613 12,522

Total non-current liabilities 30,112 32,340 30,112 32,340

CAPITAL AND RESERVES:

Share capital 75,611 74,456 75,611 74,456

Capital reserves 6,593 1,161 6,593 1,161

Accumulated profits 191,911 203,119 190,404 201,790

Total equity 274,115 278,736 272,608 277,407

Total liabilities and equity 485,086 531,341 483,579 530,012

30

30

BALANCE SHEETS31 December 2005


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2005 2004$’000 $’000

(Restated)

Turnover 576,284 559,620

Other operating income 14,042 12,924

Revenue 590,326 572,544

Staff costs (261,165) (264,074)

Repairs and maintenance (71,158) (77,269)

Energy and fuel costs (101,211) (71,699)

Premises costs (29,170) (30,972)

Depreciation expense (24,657) (27,584)

Other operating expenses (45,811) (48,342)

Total operating expenses (533,172) (519,940)

Operating profit 57,154 52,604

Net income from investments 6,611 4,733

Finance (costs) income (687) 2,434

Share of profit in associate 178 181

Profit before taxation 63,256 59,952

Taxation (11,720) (10,911)

Profit attributable to shareholders 51,536 49,041

Earnings per share (in cents):

Basic 17.12 16.48

Diluted 17.07 16.44

Dividend per share (in cents):

Interim 5.00 3.75

Final (proposed) 5.00 6.25

Special (proposed) 15.00 15.00

Total 25.00 25.00

CONSOLIDATED PROFIT AND LOSS STATEMENTyear ended 31 December 2005

31


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ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY

SHARE CAPITAL ACCUMULATED TOTALCAPITAL RESERVES PROFITS EQUITY

$’000 $’000 $’000 $’000

Balance at 1 January 2004 74,404 820 169,554 244,778

Net profit for the year - - 49,041 49,041

Exercise of share options 52 213 - 265

Recognition of share-based payments - 128 - 128

Payment of dividends - - (15,476) (15,476)

Balance at 31 December 2004 74,456 1,161 203,119 278,736

Balance at 1 January 2005 as previously stated 74,456 1,033 203,247 278,736

Effect of adopting FRS 102 - 128 (128) -

Effect of adopting FRS 39 - 1,780 694 2,474

Balance at 1 January 2005 restated 74,456 2,941 203,813 281,210

Loss on available-for-sale investments - (1,608) - (1,608)

Net profit for the year - - 51,536 51,536

Total recognised income and expense for the year - (1,608) 51,536 49,928

Exercise of share options 1,155 5,209 - 6,364

Recognition of share-based payments - 51 - 51

Payment of dividends - - (63,443) (63,443)

Others - - 5 5

Balance at 31 December 2005 75,611 6,593 191,911 274,115

32

CONSOLIDATED STATEMENT OF CHANGES IN EQUITYyear ended 31 December 2005


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2005 2004$’000 $’000

(Restated)

OPERATING ACTIVITIES:

Profit before taxation 63,256 59,952

Adjustments for:

Development costs written down - 1,191

Depreciation expense 24,657 27,584

Share-based payment expense 51 128

Net loss on fair value changes of financial instruments 501 -

Gain on disposal of investments (106) (264)

Loss (Gain) on disposal of vehicles and equipment 18 (796)

Net interest expense (write-back) 687 (2,434)

Interest income (7,120) (4,542)

Provision for service benefits and long service awards 339 1,818

Share of profit in associate (178) (181)

82,105 82,456

Payment of service benefits and long service awards (1,248) (439)

Operating profit before working capital changes 80,857 82,017

Trade receivables (304) 150

Other receivables and prepayments (8,143) 48,908

Inventories (852) (817)

Trade payables 9,085 15,353

Provision for claims 377 (630)

Cash generated from operations 81,020 144,981

Income tax paid (11,409) (6,413)

Net cash from operating activities 69,611 138,568

33

CONSOLIDATED CASH FLOW STATEMENTyear ended 31 December 2005


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2005 2004$’000 $’000

(Restated)

INVESTING ACTIVITIES:

Interest received 6,667 4,092

Proceeds from disposal of vehicles and equipment 64 1,542

Transfer of equipment to ultimate holding company 1 13

Transfer of premises from immediate holding company (1,800) (7,100)

Transfer of vehicles and equipment from related companies (1) (95)

Purchase of vehicles and equipment (16,626) (3,648)

Payment of other payables - (30,256)

Purchase of held-for-trading investments (538,197) (540,001)

Purchase of available-for-sale investments (18,000) (36,927)

Proceeds from disposal of held-for-trading investments 545,350 486,250

Net cash used in investing activities (22,542) (126,130)

FINANCING ACTIVITIES:

Proceeds from share issue 6,364 265

Interest paid (1,197) (1,212)

Dividend paid (63,443) (15,476)

Redemption of loan (50,000) -

Others 5 -

Net cash used in financing activities (108,271) (16,423)

Net decrease in cash and cash equivalents (61,202) (3,985)

Cash and cash equivalents at beginning of year 80,653 84,638

Cash and cash equivalents at end of year 19,451 80,653

34

34

CONSOLIDATED CASH FLOW STATEMENTyear ended 31 December 2005


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1 DISCLOSURE OF REMUNERATION

i) Directors’ remunerationThe remuneration of Directors is determined by the Remuneration Committee having regard to the performance ofindividuals and market trends, as follows:

THE GROUP SALARY BONUSES OTHERS TOTAL COMPENSATIONREMUNERATION BAND ( %) (%) (%) (%)

2005($500,000 - $749,999)Ong Boon Leong 48 43 9 100

The remuneration of all the other non-executive Directors is below $250,000 and comprised entirely of Directors’ fees.

ii) Key executives’ remunerationThe remuneration of key executives is determined by the Remuneration Committee having regard to the performanceof individuals and market trends, as follows:

THE GROUP SALARY BONUSES OTHERS TOTAL COMPENSATIONREMUNERATION BAND ( %) (%) (%) (%)

2005($250,000 - $499,999)No. of executives: 3 61 25 14 100

2004($500,000 - $749,999)No. of executives: 1 46 44 10 100

($250,000 - $499,999)No. of executives: 3 59 26 15 100

2 RELATED PARTY TRANSACTIONS

During the financial year, the Group and the Company has no significant transactions with related parties, consisting ofsubsidiaries of the ultimate holding company or associates except for the following:

2005 2004 $’000 $’000

Purchase of inventories 27,392 28,927

Rental expense 3,136 10,315

Purchase of goods and services 3,139 2,861

Transfer of vehicles, premises and equipment 1,801 7,199

Sale of goods and services (3,666) (3,231)

Transfer of vehicles and equipment (3) (17)

Service fee paid 10,934 11,508

35

ADDITIONAL INFORMATION31 December 2005

35


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Perc

enta

ge

1.000m

0.600m

0.200m

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC2005

2.400

2.300

2.200

2.100

2.000

1.900

1.800

1.700

Shar

e Pr

ice

(S$)

Volu

me

SBS TRANSIT’S SHARE PRICE MOVEMENT AND VOLUME TURNOVER

COMPARISON OF PERFORMANCE OF SBS TRANSIT’S SHARE PRICE AND THE STRAITS TIMES INDEX (STI)

Source: Bloomberg L.P.

Source: Bloomberg L.P.

SBS TRANSIT

STI

50

40

30

20

10

0

-10

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC2005

3636

SHARE PRICE MOVEMENT CHART


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SHARE CAPITAL : S$82,160,277.20NUMBER OF SHARES : 302,645,516CLASS OF SHARES : Ordinary shares with equal voting rightsVOTING RIGHTS : 1 vote per ordinary share

SIZE OF NO. OF NO. OFSHAREHOLDINGS SHAREHOLDERS % SHARES %

1 - 999 2,092 10.12 689,826 0.231,000 - 10,000 18,280 88.45 27,365,925 9.0410,001 - 1,000,000 287 1.39 13,073,768 4.321,000,001 & Above 9 0.04 261,515,997 86.41

Total 20,668 100.00 302,645,516 100.00

NO. OFTOP TWENTY SHAREHOLDERS SHARES %

DelGro Corporation Limited 227,857,512 75.29DBS Nominees Pte Ltd 9,275,505 3.07United Overseas Bank Nominees Pte Ltd 7,006,580 2.32HSBC (Singapore) Nominees Pte Ltd 4,903,700 1.62Raffles Nominees Pte Ltd 3,585,700 1.18Morgan Stanley Asia (Singapore) Pte Ltd 2,877,500 0.95Citibank Nominees Singapore Pte Ltd 2,820,500 0.93OCBC Nominees Singapore Pte Ltd 1,912,500 0.63The Asia Life Assurance Society Ltd - Par Fund 1,276,500 0.42Changi Bus Company (Private) Limited 691,548 0.23NTUC Thrift & Loan Co-Operative Limited 480,000 0.16Lim Gim Hong 440,000 0.15Tan Kay Yeong 400,000 0.13The Asia Insurance Company Limited - Fund Account 390,000 0.13The Asia Life Assurance Society Ltd - Non-Par Fund 377,000 0.12Asia General Holdings Limited 370,000 0.12Ong Boon Leong 280,000 0.09Royal Bank Of Canada (Asia) Ltd 249,000 0.08National University Of Singapore 240,000 0.08Woon Chio Chong 200,000 0.07

Total 265,633,545 87.77

SUBSTANTIAL SHAREHOLDER (as shown in the Register of Substantial Shareholders)

DIRECT INTEREST DEEMED INTEREST

NO. OF SHARES % NO. OF SHARES %

1. DelGro Corporation Limited 227,857,512 75.29 - -2. ComfortDelGro Corporation Limited - - 227,857,512 75.29

As at 6 March 2006, approximately 24.13% of the issued ordinary shares of SBS Transit Ltd is in the hands of the public.Rule 723 of the Listing Manual of the Singapore Exchange Securities Trading Limited has been complied with.

37

37

SHAREHOLDING STATISTICSas at 6 March 2006


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ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAYCLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONGEAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIRPUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOHTONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAHCHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALEHARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAMPARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANG SERANGOONTAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOON KENG BOONLAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOSFARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLEINDIA MERIDIAN OUTRAM 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CLEMENTI COMPASSVALE CORAL EDGE COVE EUNOS FARRERPARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYAR LITTLE INDIAMERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIA SENGKANGSERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOK BISHAN BOONKENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALE CORAL EDGE COVEEUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKAR KOVAN LAYARLITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONG RIVIERA RUMBIASENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIO BAKAU BEDOKBISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTI COMPASSVALECORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EAST KADALOOR KANGKARKOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL RANGGUNG RENJONGRIVIERA RUMBIA SENGKANG SERANGOON TAMPINES THANGGAM TOA PAYOH TONGKANG WOODLEIGH ANG MO KIOBAKAU BEDOK BISHAN BOON KENG BOON LAY BUANGKOK BUKIT MERAH CHINATOWN CLARKE QUAY CLEMENTICOMPASSVALE CORAL EDGE COVE EUNOS FARRER PARK FERNVALE HARBOURFRONT HOUGANG JURONG EASTKADALOOR KANGKAR KOVAN LAYAR LITTLE INDIA MERIDIAN OUTRAM PARK PASIR RIS POTONG PASIR PUNGGOL

ANCLEEASPUTONCHHAPATAMLAYFARINDSEBISCOKORIVBACOKARAWOCLAHOPOTOAMEHAPATHBUPAMESERKEEULITSEBISCOKORIVBACOKARAWOCLAHOPOTOAMEHAPATHBUPAMESERKEEULITSEBISCOKORIVBACOKA

(Resolution 1)

(Resolution 2)

(Resolution 3)

(Resolution 4)

(Resolution 5)

(Resolution 6)

(Resolution 7)

(Resolution 8)

(Resolution 9)

ORDINARY BUSINESS:1. To receive and adopt the Directors’ Report and Audited Financial Statements for the

financial year ended 31 December 2005 together with the Auditors’ Report thereon.

2. To declare a final dividend of 5 cents per ordinary share less income tax and a specialdividend of 15 cents per ordinary share less income tax in respect of the financialyear ended 31 December 2005.

3. To approve the payment of Directors’ fees of S$280,000 for the financial year ended31 December 2005. (FY2004: $264,000)

4. To re-elect Mr Lim Jit Poh, a Director retiring pursuant to Article 97 of the Company’sArticles of Association.

5. To re-elect Mr Wong Chin Huat, David a Director retiring pursuant to Article 97of the Company’s Articles of Association.

6. To re-elect Mr John De Payva, a Director retiring pursuant to Article 97 of theCompany’s Articles of Association.

7. To re-elect Mr Ong Boon Leong, a Director retiring pursuant to Article 103 of theCompany’s Articles of Association.

8. To re-appoint Mr Tan Kong Eng as a Director pursuant to Section 153(6) of theCompanies Act, Cap. 50 to hold office from the date of this Annual General Meetinguntil the next Annual General Meeting.

9. To re-appoint Messrs Deloitte & Touche as Auditors and authorise the Directors tofix their remuneration.

SBS TRANSIT LTD(INCORPORATED IN THE REPUBLIC OF SINGAPORE)

(CO. REG. NO.: 199206653M)

NOTICE IS HEREBY GIVEN that the Thirteenth Annual General Meeting of the Company will be heldat the Auditorium, ComfortDelGro Headquarters, 205 Braddell Road, Singapore 579701 on Thursday,27 April 2006 at 2.30 p.m. for the purpose of transacting the following business:

NOTICE OF ANNUAL GENERAL MEETING

38

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AYNGSIROHAH

ALEAMONONOS

TLEBIAOK

ALEARNGKIONTIAST

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RISAMKIT

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ALEARNGKIONTIAST

OLNGWNNT

RISAMKIT

ALEAMESAYER

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(Resolution 10)

(Resolution 11)


SPECIAL BUSINESS:

10. To consider and, if thought fit, to pass the following resolutions with or withoutmodifications as Ordinary Resolutions:

A. “THAT pursuant to Section 161 of the Companies Act, Cap. 50 and the listingrules of the Singapore Exchange Securities Trading Limited, authority be andis hereby given to the Directors of the Company to issue shares in the Company(whether by way of rights, bonus or otherwise) at any time and upon such termsand conditions and for such purposes and to such persons as the Directors may,in their absolute discretion, deem fit, provided that:

(a) the aggregate number of shares to be issued pursuant to this resolution doesnot exceed 50% of the issued shares in the capital of the Company, of whichthe aggregate number of shares to be issued other than on a pro-rata basisto shareholders of the Company does not exceed 20% of the issued sharesin the capital of the Company;

(b) for the purpose of determining the aggregate number of shares that may beissued under paragraph (a) above, the percentage of issued shares shall bebased on the number of issued shares in the capital of the Company at thetime this Resolution is passed, after adjusting for (i) new shares arising fromthe conversion or exercise of any convertible securities or share options whichare outstanding at the time this Resolution is passed, and (ii) any subsequentconsolidation or subdivision of shares; and

(c) unless revoked or varied by the Company in general meeting, such authorityshall continue in force until the conclusion of the next Annual GeneralMeeting of the Company or when it is required by law to be held, whicheveris the earlier.”

B. “THAT the Directors of the Company be and are hereby authorised to allot andissue from time to time such number of shares in the Company as may berequired to be issued pursuant to the exercise of options under the SBS TransitShare Option Scheme, provided that the aggregate number of shares to be issuedpursuant to the SBS Transit Share Option Scheme shall not exceed 15% of thetotal issued shares in the capital of the Company from time to time.”

39

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BOOKS CLOSURE AND DIVIDEND PAYMENT DATESNOTICE IS ALSO HEREBY GIVEN that the Transfer Books and Register of Members of the Company will beclosed from 16 May 2006 to 17 May 2006 (both dates inclusive) for the purposes of determining shareholders’entitlements to the proposed final dividend of 5 cents per ordinary share less income tax and special dividend of15 cents per ordinary share less income tax for the financial year ended 31 December 2005.

Duly completed and stamped transfers received by the Company’s Share Registrars, B.A.C.S. Private Limited,63 Cantonment Road, Singapore 089758 up to 5.00 p.m. on 15 May 2006 will be registered before shareholders’entitlements to the final and special dividends are determined. Shareholders (being depositors) whose securitiesaccounts with The Central Depository (Pte) Limited are credited with ordinary shares as at 5.00 p.m. on 15 May2006 will be entitled to the proposed final and special dividends.

The final and special dividends, if approved by the shareholders at the Thirteenth Annual General Meeting of theCompany, will be paid on 26 May 2006.

By Order of the Board

TAN CHER CHONG, BOBBYCompany Secretary

Singapore28 March 2006

NOTES:1. A member entitled to attend and vote at the Annual General Meeting may appoint one or two proxies to attend

and vote in his stead. A proxy need not be a member of the Company.

2. The instrument appointing a proxy must be lodged at the Company’s registered office at 205 Braddell Road,Singapore 579701 not less than 48 hours before the time appointed for the Annual General Meeting.

ADDITIONAL INFORMATION ON ORDINARY BUSINESSMr Tan Kong Eng is a member of the Audit Committee. He is considered an Independent Director of the Company.

EXPLANATORY NOTES ON SPECIAL BUSINESS TO BE TRANSACTEDResolution 10 is to empower the Directors (from the passing of Resolution 10 until the next Annual General Meeting)to issue shares in the capital of the Company up to a number not exceeding in aggregate 50% of the issued sharesin the capital of the Company, of which the aggregate number of shares to be issued other than on a pro-rata basisto shareholders does not exceed 20% of the issued shares in the capital of the Company. For the purpose of determiningthe aggregate number of shares that may be issued, the percentage of issued shares will be calculated based on thenumber of issued shares in the capital of the Company when Resolution 10 is passed, after adjusting for the conversionor exercise of any convertible securities and share options that have been issued or granted and which are outstandingwhen Resolution 10 is passed, and any subsequent consolidation or subdivision of shares.

Resolution 11 is to authorise the Directors to issue shares upon the exercise of options in accordance with the SBSTransit Share Option Scheme. This scheme was approved by shareholders at the Extraordinary General Meeting heldon 9 June 2000 and has a maximum duration of 10 years. The aggregate number of shares over which the Committeemay grant options under the scheme for its entire duration is limited to 15% of the issued ordinary shares in thecapital of the Company from time to time.

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PROXY FORMANNUAL GENERAL MEETING

I/We (Name)

of (Address)

being a member/members of SBS Transit Ltd hereby appoint:

IMPORTANT

1. For investors who have used their CPF monies to buy SBS Transit Ltd shares,this Summary Report/Annual Report is forwarded to them at the request of theirCPF Approved Nominees and is sent solely FOR INFORMATION ONLY.

2. This Proxy Form is not valid for use by CPF investors and shall be ineffectivefor all intents and purposes if used or purported to be used by them.

3. CPF investors who intend to exercise the voting rights attached to their SBSTransit Ltd shares purchased using their CPF monies are requested to contacttheir respective CPF Approved Nominees.

NAME ADDRESS NRIC/PASSPORT PROPORTION OFNUMBER SHAREHOLDINGS (%)

and/or (delete as appropriate)

as my/our proxy/proxies to attend and to vote for me/us on my/our behalf, at the Annual General Meeting of the Companyto be held on Thursday, 27 April 2006 and at any adjournment thereof. I/We direct my/our proxy/proxies to vote for or againstthe Resolutions to be proposed at the Meeting as indicated hereunder. If no specific direction as to voting is given, theproxy/proxies will vote or abstain from voting at his/their discretion, as he/they will on any other matter arising at the meeting.

NO. RESOLUTIONS FOR* AGAINST*

1. Adoption of Directors’ Report and Financial Statements

2. Declaration of Final and Special Dividends

3. Approval of Directors’ fees

4. Re-election of Mr Lim Jit Poh as Director

5. Re-election of Mr Wong Chin Huat, David as Director

6. Re-election of Mr John De Payva as Director

7. Re-election of Mr Ong Boon Leong as Director

8. Re-appointment of Mr Tan Kong Eng as Director under Section 153(6)of the Companies Act, Cap. 50

9 Re-appointment of Auditors and authorising Directors to fix their remuneration

10. General authority to issue shares

11. Authority to issue shares pursuant to exercise of options

* If you wish to exercise all your votes “For” or “Against”, please tick (�) within the box provided.

Dated this day of 2006

Signature(s) of Member(s)/Common Seal

IMPORTANT: PLEASE READ NOTES OVERLEAF

Total Number of Shares Held

SBS TRANSIT LTD(Incorporated in the Republic of Singapore)

(Co. Reg. No.: 199206653M)

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NOTES1. A member entitled to attend and vote at the Annual General Meeting is entitled to appoint one or two proxies to attend and vote

in his stead. A proxy need not be a member of the Company.

2. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportion of his holding(expressed as a percentage of the whole) to be represented by each proxy.

3. Completion and return of this instrument appointing a proxy shall not preclude a member from attending and voting at the AnnualGeneral Meeting. Any appointment of a proxy or proxies shall be deemed to be revoked if a member attends the Annual GeneralMeeting in person, and in such event, the Company reserves the right to refuse to admit any person or persons appointed under theinstrument of proxy, to the Annual General Meeting.

4. A member should insert the total number of shares held. If the member has shares entered against his name in the Depository Register(as defined in Section 130A of the Companies Act, Cap. 50 of Singapore), he should insert that number of shares. If the memberhas shares registered in his name in the Register of Members of the Company, he should insert that number of shares. If the memberhas shares entered against his name in the Depository Register and registered in his name in the Register of Members, he should insertthe aggregate number of shares. If no number is inserted, this form of proxy will be deemed to relate to all the shares held by themember.

5. The instrument appointing a proxy or proxies must be deposited at the Company’s registered office at 205 Braddell Road, Singapore579701 not less than 48 hours before the time set for the Annual General Meeting.

6. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly authorised in writing.Where the instrument appointing a proxy or proxies is executed by a corporation, it must be executed either under its common sealor under the hand of its attorney or a duly authorised officer.

7. Where an instrument appointing a proxy is signed on behalf of the appointor by an attorney, the letter or power of attorney or aduly certified copy thereof must (failing previous registration with the Company) be lodged with the instrument of proxy, failingwhich the instrument may be treated as invalid.

8. The Company shall be entitled to reject the instrument appointing a proxy or proxies which is incomplete, improperly completed,illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on theinstrument. In addition, in the case of shares entered in the Depository Register, the Company may reject the instrument appointinga proxy or proxies if the member, being the appointor, is not shown to have shares entered against his name in the Depository Registeras at 48 hours before the time appointed for holding the Annual General Meeting, as certified by The Central Depository (Pte)Limited to the Company

The Company SecretarySBS Transit Ltd

205 Braddell RoadSingapore 579701

Affixpostagestamp

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REQUEST FORM

Dear Shareholder

This form accompanies a copy of our Annual Review and Summary Financial Statement (“Summary Report”) for the financial year ended31 December 2005 (“FY 2005”). The Summary Report contains a review of the SBS Transit Ltd Group for FY 2005. It also contains asummary of the audited financial statements of the Group and balance sheet of the Company for FY 2005.

The full audited financial statements of the Group and balance sheet of the Company for FY 2005 are set out in a separate report called theAnnual Report. This report is available to all shareholders of the Company at no cost upon request.

We will be sending you only Summary Reports for as long as you are a shareholder of the Company, unless you indicate otherwise in therequest form below or have previously requested otherwise. The Summary Report for FY2005 is an example of Summary Reports that youwill receive in the future.

For shareholders receiving this Summary Report for the first time, if you wish to receive a copy of the Annual Report for FY 2005 and forfuture financial years for as long as you are a shareholder, please complete the request form below by ticking the relevant box and return itto us by 4 April 2006. If we do not receive your request form, it would indicate that you do not wish to receive copies of the Annual Reportfor FY 2005 and for future financial years.

For shareholders who did not respond previously, you may indicate your wishes by ticking the appropriate box in the request form belowand returning it to us by 4 April 2006. If we do not receive your request form, it would indicate that you do not wish to receive the AnnualReport for FY 2005 and for future financial years.

For shareholders who had indicated to us previously that you wish to receive the Annual Reports for so long as you are a shareholder, youmay change your wishes by ticking the relevant box in the request form below and returning it to us by 4 April 2006. If we do not receiveyour reply, it would indicate that there is no change to your wishes.

For the convenience of shareholders, a copy of the Annual Report for 2005 will be posted at ComfortDelGro website at HYPERLINK“http://www.sbstransit.com.sg” from 11 April 2006.

Your latest request will supersede the earlier request received by us.

Yours faithfullyfor and on behalf of SBS Transit Ltd

TAN CHER CHONG, BOBBYCompany Secretary28 March 2006

Name(s) of shareholder(s): NRIC/Passport No(s): Signature(s)

* CDP Securities Account No.:

Address :

Date :

* This is only applicable if any of your shares in SBS Transit Ltd are registered in the Depository Register maintained by The Central Depository(Pte) Limited (CDP).

Request Form

To: SBS Transit Ltd

Please send me/us the Summary Report for future financial years for as long as I am/we area shareholder/s of SBS Transit Ltd.

OR

Please send me/us the Annual Report for the financial year ended 31 December 2005 and forfuture financial years for as long as I am/we are a shareholder/s of SBS Transit Ltd.

OR

Please do not send me the Summary Report or the Annual Report for future financial yearsfor as long as I am/we are a shareholder/s of SBS Transit Ltd.

Note: Tick one box only.

SBS TRANSIT LTD(Incorporated in the Republic of Singapore)

(Co. Reg. No.: 199206653M)

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ANCLEEASPUTONCHHAPATAMLAYFARINDSEBISCOKORIVBACOKARAWOCLAHOPOTOAMEHAPATHBUPAMESERKEEULITSEBISCOKORIVBACOKARAWOCLAHOPOTOAMEHAPATHBUPAMESERKEEULITSEBISCOKORIVBACOKARA

This flap for sealing


This flap for sealing

SBS Transit Ltdc/o B.A.C.S. Private Limited

63 Cantonment RoadSingapore 089758

Postage will bepaid by

addressee. Forposting in

Singapore only.

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Designed & Produced byRAINDANCE

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SBS Transit LtdA member of ComfortDelGro

205 Braddell Road

Singapore 579701

Mainline (65) 6284 8866

Facsimile (65) 6287 0311

Website www.sbstransit.com.sg

Company Registration No. 199206653M

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