SMRT CORPORATION LTD

(Company Registration No: 200001855H)

Unaudited Financial Statements for the Second Quarter and Half-Year ended 30 September 2011
The Directors of SMRT Corporation Ltd wish to announce the unaudited results of the Group for the second quarter ended 30 September 2011 (2Q FY2012) and half-year (1H FY2012) ended 30 September 2011.

1(a)(i) CONSOLIDATED INCOME STATEMENT

The Group Increase/ Apr - Sep (Decrease) 2011 % $'000 6.1 25.2 6.4 9.2 (1.1) (32.1) 3.3 44.0 22.0 15.5 (24.9) 0.6 (8.8) 2.5 (25.4) (24.8) (25.6) 514,181 10,144 524,325 (169,584) (65,946) 5,726 (39,796) (83,483) (86,734) (439,817) 84,508 (3,582) 943 566 82,435 (13,514) 68,921

Jul-Sep 2011 $'000 Revenue Other operating income Staff and related costs Depreciation of property, plant and equipment Amortisation of asset-related grants Repairs and maintenance costs Electricity and diesel costs Other operating expenses Profit from operations Finance costs Interest and investment income Share of results of associate (net of tax) Profit before income tax Income tax expense Profit for the period attributable to equity holders of SMRT 261,116 4,756 265,872 (85,001) (33,944) 2,864 (20,350) (43,435) (43,910) (223,776) 42,096 (1,804) 342 334 40,968 (6,875) 34,093

Jul-Sep 2010 $'000 246,021 3,800 249,821 (77,834) (34,332) 4,218 (19,697) (30,163) (35,982) (193,790) 56,031 (1,794) 375 326 54,938 (9,137) 45,801

Apr - Sep 2010 $'000 481,362 8,163 489,525 (154,075) (68,048) 8,452 (38,424) (60,331) (74,927) (387,353) 102,172 (3,577) 976 1,110 100,681 (16,637) 84,044

Increase/ (Decrease) % 6.8 24.3 7.1 10.1 (3.1) (32.3) 3.6 38.4 15.8 13.5 (17.3) 0.1 (3.4) (49.0) (18.1) (18.8) (18.0)

Jul-Sep 2011 EBITDA ($'000) EBITDA margin EBIT margin PAT margin Interest coverage (x) Earnings Per Share (EPS) (cents) - basic - diluted Economic Value Added (EVA) ($'000) Return On Equity (ROE) 73,176 28.0% 16.1% 13.1% 40.6 2.2 2.2 22,255

Jul-Sep 2010 86,145 35.0% 22.8% 18.6% 48.0 3.0 3.0 34,466

The Group Increase/ Apr - Sep (Decrease) 2011 % (15.1) 144,728 (7.0) 28.1% (6.7) 16.4% (5.5) 13.4% (15.5) 40.4 (25.6) (25.6) (35.4) 4.5 4.5 44,027 17.6%

Apr - Sep 2010 161,768 33.6% 21.2% 17.5% 45.2 5.5 5.5 59,860 22.1%

Increase/ (Decrease) % (10.5) (5.5) (4.8) (4.1) (10.7) (18.1) (18.0) (26.5) (4.5)

Page 1 of 18

1(a)(ii) Included in the determination of net profit are the following items:The Group Jul-Sep 2011 $'000 After Charging / (Crediting) :- Impairment loss made/(reversed) for trade receivables - Allowance for obsolete inventories - Inventory written (back)/off - Foreign exchange loss/(gain) - Loss/(Gain) on disposal of property, plant and equipment - Loss/(Gain) on disposal of other investments - Property, plant and equipment written off - Underprovision of current tax in respect of prior years 107 458 (1) 539 12 233 3 (2,322) 623 8 144 (35) 1 367 39 1,067 26 421 168 426 3 (1,551) 1,252 105 (194) 282 (6) 555 Jul-Sep 2010 $'000 Apr - Sep 2011 $'000 Apr - Sep 2010 $'000

1 (b)

EARNINGS PER ORDINARY SHARE

The Group Increase/ Apr - Sep (Decrease) 2011 %

Jul-Sep 2011 Earnings per ordinary share (cents)*:(a) Basic - Weighted average number of shares for basic EPS ('000) 2.2 1,519,325

Jul-Sep 2010

Apr - Sep 2010

Increase/ (Decrease) %

3.0 1,518,278

(25.6)

4.5 1,519,106

5.5 1,517,859

(18.1)

(b) Fully Diluted

2.2

3.0 1,522,327

(25.6)

4.5 1,522,114

5.5 1,521,624

(18.0)

- Weighted average number of shares for diluted EPS ('000) 1,522,327

* To the nearest 0.1 cents

Page 2 of 18

1(c)(i) STATEMENT OF FINANCIAL POSITION

The Group As at Notes Non-current assets Property, plant and equipment Intangible asset Investments in subsidiaries Interests in associates Other investments 1,007,846 35,288 67,755 10,724 1,121,613 Current assets Inventories Trade and other receivables Other investments Tax recoverable Fixed deposits with banks and financial institutions Cash at banks and in hand 55,598 72,129 3,521 386 270,644 28,585 430,863 Total assets Equity attributable to equity holders of SMRT Share capital Reserves Accumulated profits Total equity Non-current liabilities Interest-bearing borrowings Provisions Deferred tax liabilities Fuel equalisation account Deferred grants Current liabilities Interest-bearing borrowings Trade and other payables Provisions Current tax payable 100,000 252,079 35,111 40,274 427,464 Total liabilities Total equity and liabilities (b) 783,754 1,552,476 100,000 269,012 28,417 43,432 440,861 807,517 1,606,613 100,000 19,453 274 119,727 120,545 463,496 100,000 19,966 255 120,221 121,049 563,631 150,000 3,271 113,531 20,312 69,176 356,290 150,000 3,278 118,242 20,312 74,824 366,656 67 818 30 721 77 828 30 721 165,203 2,162 601,357 768,722 164,811 (692) 634,977 799,096 165,203 3,800 173,948 342,951 164,811 2,922 274,849 442,582 (a) 1,552,476 53,597 64,608 3,570 968 350,424 25,794 498,961 1,606,613 63,895 248 4,158 68,301 463,496 164,969 790 2,217 167,976 563,631 998,453 35,288 63,757 10,154 1,107,652 4,948 390,247 395,195 5,408 390,247 395,655 30 Sep 2011 $'000 As at 31 Mar 2011 $'000 The Company As at 30 Sep 2011 $'000 As at 31 Mar 2011 $'000

Page 3 of 18

Notes to Statement of Financial Position: (a) Total assets decreased by $54.1 million (3.4%) due mainly to lower cash and cash equivalents ($77.0 million). This was partially offset by higher property, plant and equipment ($9.4 million), higher interest in associate ($4.0 million) and higher trade and other receivables ($7.5 million). The increase in property, plant and equipment was due mainly to the addition of new commercial spaces, rail operating equipment, new buses and taxis. The increase in interest in associate was due mainly to currency translation gain relating to the financial statements of a foreign associate. The increase in trade and other receivables was due mainly to advances for bus purchases. (b) Total liabilities decreased by $23.8 million (2.9%) due mainly to lower trade and other payables ($16.9 million), lower deferred grant ($5.6 million) as well as lower tax liabilities ($7.9 million). The decrease in trade and other payables was attributable to payments made for property, plant and equipment. This was partially offset by higher provisions ($6.7 million) mainly for taxi insurance and outstanding accident cases.

1(c)(ii)

GROUPS BORROWINGS Amount repayable in one year or less, or on demand

As at 30 September 2011 $'000 Unsecured quoted SGD fixed rate notes - at 3.27% per annum due December 2011 100,000 As at 31 March 2011 $'000 100,000

Amounts repayable after one year

As at 30 September 2011 $'000 Unsecured quoted SGD fixed rate notes - at 2.42% per annum due October 2014 150,000 As at 31 March 2011 $'000 150,000

Details of any collaterals Not applicable.

Net Gearing
The Group As at Note Net gearing (a) 30 Sep 2011 net cash As at 31 Mar 2011 net cash

(a)

The Group is in a net cash position as cash and cash equivalents exceed borrowings.

Page 4 of 18

1(c)(iii) NET ASSET VALUE AND NET TANGIBLE ASSET PER ORDINARY SHARE
The Group As at 30 Sep 2011 Net asset value per ordinary share (cents) Net tangible asset per ordinary share 1 (cents) Number of shares at end of period (excluding treasury shares) 2 ('000) 50.6 48.3 As at 31 Mar 2011 52.6 50.3 The Company As at 30 Sep 2011 22.6 22.6 As at 31 Mar 2011 29.1 29.1

1,519,328

1,518,820

1,519,328

1,518,820

Net tangible asset = net assets less intangible asset. Treasury shares - nil.

Page 5 of 18

1(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

The Group Jul-Sep Apr - Sep 2010 2011 $'000 $'000

Jul-Sep 2011 $'000 Notes Operating activities Profit before income tax Adjustments: Amortisation of asset-related grants Changes in fair value of financial instruments Depreciation of property, plant and equipment Dividend income Grant released upon disposal/write-off of property, plant and equipment Interest expense Interest income Loss/(Gain) on disposal of: - property, plant and equipment - other investments Property, plant and equipment written off Provisions made Share-based payment expenses Share of results of associates 40,968 (2,864) (21) 33,944 1,804 (342) 12 233 6,054 439 (334) 79,893 Changes in working capital: Inventories Trade and other receivables Trade, other payables and provisions Cash generated from operations Income taxes paid, net Interest paid Cash flows from operating activities Investing activities Dividends received Interest received Purchase of property, plant and equipment Purchase of other investments Proceeds from disposal of: - property, plant and equipment - associate - other investments Cash flows from investing activities Financing activities Proceeds from issue of shares under share option plan Dividends paid Grant received Cash flows from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of the period Cash and cash equivalents at end of the period comprise: Fixed deposits with banks and financial institutions Cash at banks and in hand (c) (b) (a) (1,145) (12,105) 12,597 79,240 (21,639) 57,601 256 (68,134) 131 (67,747) 293 (102,541) 78 (102,170) (112,316) 411,167 378 299,229 270,644 28,585 299,229
Page 6 of 18

Apr - Sep 2010 $'000

54,938 (4,218) 1 34,332 1,794 (376) (35) 1 367 2,219 336 (326) 89,033 (2,917) (4,133) 2,090 84,073 (10,447) 73,626 265 (38,119) 37 2,074 (35,743) 102 (102,436) (102,334) (64,451) 369,592 (213) 304,928 285,695 19,233 304,928

82,435 (5,726) 65,946 (155) 3,582 (788) 168 426 10,292 878 (566) 156,492 (2,001) (5,395) 16,858 165,954 (20,722) (3,441) 141,791 155 892 (118,118) 138 (116,933) 392 (102,541) 78 (102,071) (77,213) 376,218 224 299,229 270,644 28,585 299,229

100,681 (8,452) 4 68,048 (141) (53) 3,577 (829) 282 (6) 555 5,880 628 (1,110) 169,064 (5,478) (4,478) 16,442 175,550 (16,345) (3,446) 155,759 141 833 (76,517) (3,123) 103 1,732 2,084 (74,747) 201 (102,436) 402 (101,833) (20,821) 326,011 (262) 304,928 285,695 19,233 304,928

Notes to Consolidated Statement of Cash Flows: (a) Net cash inflow from operating activities of $57.6 million for 2Q FY2012 and $141.8m for 1H FY2012 were lower compared to $73.6 million for 2Q FY2011 and $155.8m for 1H FY2011, due mainly to higher payment of income taxes and lower cash generated from operations. Net cash outflow from investing activities of $67.7 million for 2Q FY2012 and $116.9m for 1H FY2012 were higher compared to $35.7 million for 2Q FY2011 and $74.7m for 1H FY2011, due mainly to higher payment for property, plant and equipment. Net decrease in cash and cash equivalents of $112.3 million and $77.2 million in 2Q FY2012 and 1H FY2012 respectively were higher than corresponding periods last year. This is the result of lower net cash inflow from operating activities and higher net cash outflow from investing activities.

(b)

(c)

1(e)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

The Group Jul-Sep Apr - Sep 2010 2011 $'000 $'000 45,801 68,921

Jul-Sep 2011 $'000 Profit for the period Other comprehensive income/(loss): Change in fair value of available-for-sale financial assets Fair value of available-for-sale financial assets realised & transferred to the income statement Effective portion of change in fair value of cash flow hedge Change in fair value of cash flow hedge transferred to the income statement Currency translation differences arising from consolidation Other comprehensive income/(loss) for the period, net of tax Total comprehensive income for the period attributable to equity holders of SMRT (773) (481) 47 5,016 3,809 37,902 34,093

Apr - Sep 2010 $'000 84,044

361 48 (3,175) (2,766) 43,035

(1,289) (543) 156 3,652 1,976 70,897

(366) (4) 95 (3,318) (3,593) 80,451

Page 7 of 18

1(f)(i)

STATEMENTS OF CHANGES IN EQUITY The Group

Share Capital $'000 Foreign Total Share-based Attributable to Currency Translation Fair Value Hedge Payment Accumulated Equity Holders Reserve Reserve Reserve Reserve Profits of SMRT $'000 $'000 $'000 $'000 $'000 $'000 297 1,917 (848) 2,674 602,898 770,016

At 1 Apr 2010 Total comprehensive income for the period Profit for the period Other comprehensive income Change in fair value of available-for-sale financial assets Fair value of available-for-sale financial assets realised & transferred to the income statement Change in fair value of cash flow hedge transferred to the income statement Currency translation differences arising from consolidation Total other comprehensive income/(loss), net of tax Total comprehensive income/(loss) Transactions with owners of the Company, recorded directly in equity Issue of shares under SMRT ESOP Value of employee services received for share-based payment Total transactions with owners At 30 Jun 2010 Total comprehensive income for the period Profit for the period Other comprehensive income Change in fair value of available-for-sale financial assets Change in fair value of cash flow hedge transferred to the income statement Currency translation differences arising from consolidation Total other comprehensive income/(loss), net of tax Total comprehensive income/(loss) Transactions with owners of the Company, recorded directly in equity Issue of shares under SMRT ESOP Issue of performance shares Value of employee services received for share-based payment Dividends paid Total transactions with owners At 30 Sep 2010

163,078

(143) (143) (143)

(727) (4) (731) (731)

47 47 47

38,243 38,243

38,243 (727) (4) 47 (143) (827) 37,416

99 99 163,177

154

1,186

(801)

292 292 2,966

641,141

99 292 391 807,823

(3,175) (3,175) (3,175)

361 361 361

48 48 48

45,801 45,801

45,801 361 48 (3,175) (2,766) 43,035

102 1,392 1,494 164,671

(3,021)

1,547

(753)

(1,392) 336 (1,056) 1,910

(102,436) (102,436) 584,506

102 336 (102,436) (101,998) 748,860

Page 8 of 18

1(f)(i)

STATEMENTS OF CHANGES IN EQUITY (contd) The Group

Share Capital $'000 Foreign Total Share-based Attributable to Currency Translation Fair Value Hedge Payment Accumulated Equity Holders Reserve Reserve Reserve Reserve Profits of SMRT $'000 $'000 $'000 $'000 $'000 $'000 (4,399) 1,444 (659) 2,922 634,977 799,096

At 1 Apr 2011 Total comprehensive income for the period Profit for the period Other comprehensive income Change in fair value of available-for-sale financial assets Effective portion of changes in fair value of cash flow hedge Change in fair value of cash flow hedge transferred to the income statement Currency translation differences arising from consolidation Total other comprehensive income/(loss), net of tax Total comprehensive income/(loss) Transactions with owners of the Company, recorded directly in equity Issue of shares under SMRT ESOP Value of employee services received for share-based payment Total transactions with owners At 30 Jun 2011 Total comprehensive income for the period Profit for the period Other comprehensive income Change in fair value of available-for-sale financial assets Effective portion of changes in fair value of cash flow hedge Change in fair value of cash flow hedge transferred to the income statement Currency translation differences arising from consolidation Total other comprehensive income/(loss), net of tax Total comprehensive income/(loss) Transactions with owners of the Company, recorded directly in equity Issue of shares under SMRT ESOP Value of employee services received for share-based payment Dividends paid Total transactions with owners At 30 Sep 2011

164,811

(1,364) (1,364) (1,364)

(516) (516) (516)

(62) 109 47 47

34,828 34,828

34,828 (516) (62) 109 (1,364) (1,833) 32,995

99 99 164,910

(5,763)

928

(612)

439 439 3,361

669,805

99 439 538 832,629

5,016 5,016 5,016

(773) (773) (773)

(481) 47 (434) (434)

34,093 34,093

34,093 (773) (481) 47 5,016 3,809 37,902

293 293 165,203

(747)

155

(1,046)

439 439 3,800

(102,541) (102,541) 601,357

293 439 (102,541) (101,809) 768,722

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1(f)(i)

STATEMENTS OF CHANGES IN EQUITY (contd) The Company

Share Capital $'000 Share-based Payment Reserve $'000 2,674 Accumulated Profits $'000 242,154

Total $'000 407,906

At 1 Apr 2010 Total comprehensive income for the period Profit for the period Transactions with owners, recorded directly in equity Issue of shares under SMRT ESOP Value of employee services received for share-based payment Total transactions with owners At 30 Jun 2010 Total comprehensive income for the period Profit for the period Transactions with owners, recorded directly in equity Issue of shares under SMRT ESOP Issue of performance shares Value of employee services received for share-based payment Dividends paid Total transactions with owners At 30 Sep 2010

163,078

1,871

1,871

99 99 163,177

292 292 2,966

244,025

99 292 391 410,168

184

184

102 1,392 1,494 164,671

(1,392) 336 (1,056) 1,910 Share-based Payment Reserve $'000 2,922

(102,436) (102,436) 141,773

102 336 (102,436) (101,998) 308,354

Share Capital $'000 At 1 Apr 2011 Total comprehensive income for the period Profit for the period Transactions with owners, recorded directly in equity Issue of shares under SMRT ESOP Value of employee services received for share-based payment Total transactions with owners At 30 Jun 2011 Total comprehensive income for the period Profit for the period Transactions with owners, recorded directly in equity Issue of shares under SMRT ESOP Value of employee services received for share-based payment Dividends paid Total transactions with owners At 30 Sep 2011
Page 10 of 18

Accumulated Profits $'000 274,849

Total $'000 442,582

164,811

1,553

1,553

99 99 164,910

439 439 3,361

276,402

99 439 538 444,673

87

87

293 293 165,203

439 439 3,800

(102,541) (102,541) 173,948

293 439 (102,541) (101,809) 342,951

1(f)(ii)

The total number of issued shares excluding treasury shares of the Company as at 30 September 2011 and 31 March 2011 were 1,519,328,296 and 1,518,820,196 respectively. The Company did not hold any treasury shares in 2Q FY2012 and as at 30 September 2011 (30 September 2010: Nil). In 2Q FY2012, the Company issued and allotted 377,500 ordinary shares following the exercise of 377,500 share options under the SMRT Corporation Employee Share Option Plan (SMRT ESOP). As at 30 September 2011, the number of outstanding share options under the SMRT ESOP was 761,500 (30 September 2010: 1,857,000). Details of the options granted under the SMRT ESOP on the un-issued ordinary shares of the Company are as follows:Number of option holders at 30/9/2011 -

Date of grant of options 16/7/2001

Exercise price per share $0.816

Options outstanding at 1/7/2011 673,000

Options exercised 286,000

Options cancelled 387,000

Options outstanding at 30/9/2011 -

Exercise period 16/7/2002 to 15/7/2011

22/7/2002

$0.676

404,200

49,000

800

354,400

385 22/7/2003 to 21/7/2012 385 22/7/2004 to 21/7/2013

22/7/2003

$0.623 Total

450,900 1,528,100

42,500 377,500

1,300 389,100

407,100 761,500

As at 30 September 2011, the number of outstanding conditional shares awarded under the SMRT Corporation Restricted Share Plan and SMRT Corporation Performance Share Plan was 2,512,300 (30 September 2010: 3,609,800).

2.

AUDIT The figures for the quarters and periods ended 30 September 2011 and 30 September 2010 have not been audited or reviewed.

3.

ACCOUNTING POLICIES Except as disclosed below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current period compared with the audited financial statements as at 31 March 2011. The Group has adopted new or revised FRS and Interpretations of FRS (INT FRS) that are effective for the Groups annual periods beginning on or after 1 April 2011. The following are the new or revised FRS and INT FRS that are relevant to the Group: Amendments to FRS 24 INT FRS 119 Improvements to FRSs 2010 Related Party Disclosures Extinguishing Financial Liabilities with Equity Instruments

The adoption of the above FRS and INT FRS does not have any significant impact on the financial statements of the Group.

Page 11 of 18

4.

REVIEW OF GROUP PERFORMANCE (2Q FY2012 AND 1H FY2012 AGAINST PREVIOUS CORRESPONDING PERIOD) Overview Group revenue increased by $15.1 million (6.1%) in 2Q FY2012 and $32.8 million (6.8%) in 1H FY2012 as compared to previous corresponding periods due mainly to higher MRT and Bus ridership, contribution from Circle Line, higher taxi rental revenue, increase in external fleet maintenance revenue and higher rental and advertising revenue, partially offset by lower average fare for MRT and Bus. Operating profits were lower by $13.9 million (24.9%) in 2Q FY2012 and $17.7 million (17.3%) in 1H FY2012 due mainly to higher total operating expenses, partially offset by higher revenue and other operating income. Group net profit was lower by $11.7 million (25.6%) in 2Q FY2012 and $15.1 million (18.0%) in 1H FY2012 in line with lower operating profits.

4.1

4.2

Explanatory notes to Consolidated Income Statement Other operating income increased by $1.0 million (25.2%) in 2Q FY2012 and $2.0 million (24.3%) in 1H FY2012 due mainly to higher other maintenance and related income. Staff and related costs were higher by $7.2 million (9.2%) in 2Q FY2012 and $15.5 million (10.1%) in 1H FY2012 due mainly to higher CPF contributions and salary adjustments. Headcount is higher in Circle Line as compared to last year with the opening of Circle Line Stages 4 and 5 on 8 October 2011. Repairs and maintenance costs increased by $0.7 million (3.3%) in 2Q FY2012 and $1.4 million (3.6%) in 1H FY2012 due mainly to more scheduled repairs and maintenance for Train operations. Electricity and diesel costs increased by $13.3 million (44.0%) in 2Q FY2012 and $23.2 million (38.4%) in 1H FY2012. Electricity cost was $31.0 million in 2Q FY2012 and $58.4 million in 1H FY2012, compared to $20.9 million in 2Q FY2011 and $41.5 million in 1H FY2011. The increase in electricity cost was due mainly to higher average tariff and higher electricity consumption. Diesel cost was $12.4 million in 2Q FY2012 and $25.1 million in 1H FY2012, compared to $9.2 million in 2Q FY2011 and $18.9 million in 1H FY2011. The higher diesel cost was due mainly to higher diesel prices. Other operating expenses increased by $7.9 million (22.0%) in 2Q FY2012 and $11.8 million (15.8%) in 1H FY2012 due mainly to higher cost of diesel sold, higher insurance cost, higher operating costs associated with a larger taxi fleet and higher expenses associated with the increase in external fleet maintenance revenue. Share of results of associate in 2Q FY2012 related to the 49% share of results of Shenzhen Zona.

Page 12 of 18

5.

REVIEW OF SEGMENT PERFORMANCE (2Q FY2012 AGAINST PREVIOUS CORRESPONDING PERIOD) A segmental breakdown by business is provided under note 10.

Second Quarter Increase / 2Q FY2012 2Q FY2011 (Decrease) $'000 $'000 % Train operations Revenue Operating profit LRT operations Revenue Operating loss Bus operations Revenue Operating profit/(loss) Taxi operations Revenue Operating profit Rental Revenue Operating profit Advertising Revenue Operating profit Engineering and Other Services Revenue Operating profit Investment holding & Support Services / Consolidation elimination & adjustments Revenue Operating profit Total Revenue Operating profit 140,875 22,817 2,520 (127) 55,769 (2,574) 28,889 146 20,071 15,984 7,079 4,556 5,909 896 132,955 30,286 2,390 (4) 54,683 1,427 23,166 463 18,704 14,708 6,662 4,273 7,446 3,930 6.0 (24.7) 5.4 (3,075.0) 2.0 (280.4) 24.7 (68.5) 7.3 8.7 6.3 6.6 (20.6) (77.2)

Year To Date Increase / 1H FY2012 1H FY2011 (Decrease) $'000 $'000 % 275,924 45,398 4,982 (313) 110,062 (6,166) 56,208 560 39,273 30,935 14,168 8,471 13,554 3,458 262,579 58,021 4,726 (75) 107,207 1,133 45,839 1,306 36,030 28,188 12,879 8,389 12,086 2,199 5.1 (21.8) 5.4 (317.3) 2.7 (644.2) 22.6 (57.1) 9.0 9.7 10.0 1.0 12.1 57.3

4 398 261,116 42,096

15 948 246,021 56,031

(73.3) (58.0) 6.1 (24.9)

10 2,165 514,181 84,508

16 3,011 481,362 102,172

(37.5) (28.1) 6.8 (17.3)

Revenue from Train operations increased by $7.9 million (6.0%) in 2Q FY2012 and $13.3 million (5.1%) in 1H FY2012 as a result of higher ridership, partially offset by lower average fare for MRT. Operating profit decreased by $7.5 million (24.7%) in 2Q FY2012 and $12.6 million (21.8%) in 1H FY2012 due mainly to higher energy costs and staff and related expenses, partially offset by lower depreciation. Staff and related expenses were higher due mainly to increased headcount for the operation of Circle Line, impact of salary adjustments and higher CPF contributions. Revenue from Bus operations increased by $1.1 million (2.0%) in 2Q FY2012 and $2.9 million (2.7%) in 1H FY2012 due mainly to higher ridership. Operating loss of $2.6 million in 2Q FY2012 as compared to operating profit of $1.4 million in 2Q FY2011 was due mainly to higher diesel cost and staff and related expenses, partially offset by higher revenue. The same reasons contributed to the operating loss of $6.2 million in 1H FY2012 as compared to the operating profit of $1.1 million in 1H FY2011.

Page 13 of 18

Taxi revenue increased by $5.7 million (24.7%) in 2Q FY2012 and $10.4 million (22.6%) in 1H FY2012 due mainly to higher rental revenue from a larger average hired out fleet. Operating profit decreased by $0.3 million (68.5%) in 2Q FY2012 and $0.7 million (57.1%) in 1H FY2012 due mainly to higher depreciation and insurance cost, partially offset by higher revenue. Rental revenue from commercial spaces increased by $1.4 million (7.3%) in 2Q FY2012 and $3.2 million (9.0%) in 1H FY2012 as a result of increased space following the redevelopment of commercial spaces at various MRT stations. Consequently, operating profit also increased by $1.3 million (8.7%) in 2Q FY2012 and $2.7 million (9.7%) in 1H FY2012 as compared to the previous corresponding periods. Advertising revenue increased by $0.4 million (6.3%) in 2Q FY2012 and $1.3 million (10.0%) in 1H FY2012 as compared to the previous corresponding periods. Operating profit also increased marginally by $0.3 million (6.6%) in 2Q FY2012 and $0.1 million (1.0%) in 1H FY2012. Higher revenue is partially offset by higher depreciation and other operating expenses. Revenue and operating profit for Engineering and Other Services in 2Q FY2012 decreased by $1.5 million (20.6%) and $3.0 million (77.2%) respectively. This was due mainly to the absence of receipts from Nakheel following the termination of Palm Jumeirah operation and maintenance contract in Aug 2010. Revenue increased by $1.5 million (12.1%) for 1H FY2012 largely due to higher revenue from external fleet maintenance, partially offset by lower receipt of payment from Nakheel. Operating profit improved by $1.3 million (57.3%) for 1H FY2012 due mainly to higher revenue from external fleet maintenance and lower operating expenses.

6.

REVIEW OF PROSPECTS STATEMENT The results for 2Q FY2012 are consistent with the prospects statement issued during the announcement of the 1Q FY2012 results.

7.

SUBSEQUENT EVENTS In the opinion of the Directors, no item, transaction or event of a material and unusual nature has arisen since 1 October 2011 to the date of this announcement which is likely to affect materially the results of the Group for 2Q FY2012.

8.

PROSPECTS Group revenue is expected to be higher in 3Q FY2012 and the next 12 months as compared to the corresponding period last year due to expected increase in ridership. With the opening of all Circle Line stages, the average weekday ridership for Circle Line has increased to about 300,000. The 1% net fare adjustment approved by the Public Transport Council for trains and bus fares will take effect from 8 October 2011. However, increasing cost pressures particularly energy costs and staff and related costs are expected to impact the Groups performance in 3Q FY2012 and the next 12 months. If diesel cost remains at the current high level, this will continue to impact the profitability and result in an impairment of the Bus business. Staff and related costs will be higher due mainly to increased headcount with the operation of Circle Line Stages 4 and 5 and higher CPF rates. With the increase in operating costs, the profitability of the Group in FY2012 may not be maintained at previous years level.
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9. 9.1

DIVIDENDS Current Financial Period Reported On

Name of dividend Dividend type Dividend amount per share (in cents) Tax rate Interim Cash 1.75 cents per ordinary share Tax exempt one-tier

9.2

Previous Corresponding Period

Name of dividend Dividend type Dividend amount per share (in cents) Tax rate Interim Cash 1.75 cents per ordinary share Tax exempt one-tier

9.3

Date Payable The Board of Directors has declared an interim ordinary dividend of 1.75 cents per share (tax-exempt onetier). The interim dividend will be paid on 30 November 2011 to members on the Register as at 16 November 2011.

9.4

Book Closure Date Notice is hereby given that the Transfer Books and the Register of Members of the Company will be closed from 17 November 2011 to 18 November 2011 (both dates inclusive) for the preparation of dividend warrants. Duly completed transfers received by the Companys Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., at 50 Raffles Place, Singapore Land Tower #32-01, Singapore 048623 up to 5.00p.m. on 16 November 2011 will be registered to determine shareholders entitlement to the interim dividend. In respect of shares in securities accounts with The Central Depository (Pte) Limited (CDP), the interim dividend will be paid by the Company to CDP which will, in turn, distribute the entitlements to the interim dividend to CDP account holders in accordance with its normal practice.

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10.

SEGMENT INFORMATION
-------------Rail------------MRT $'000 LRT $'000 Bus operations $'000 Taxi operations $'000 Rental $'000 Engineering Investment Consolidation and other holding and elimination Advertising services support services & adjustments $'000 $'000 $'000 $'000

Total $'000

Revenue and expenses 2Q FY2012 Revenue - external customers - inter-segment Operating expenses (net of other income) Depreciation and amortisation Operating profit/(loss) Finance costs Interest income Investment income Share of results of an associate Income tax expense

140,875 (102,225) (15,833) 22,817

2,520 (2,632) (15) (127)

55,769 23 (53,334) (5,032) (2,574)

28,889 41 (22,139) (6,645) 146

20,071 (1,789) (2,298) 15,984

7,079 62 (2,100) (485) 4,556

5,909 118 (5,118) (13) 896

4 11,556 (10,403) (369) 788

(11,800) 11,800 (390) (390)

261,116 (187,940) (31,080) 42,096 (1,804) 342 334 (6,875) 34,093

Profit for the period attributable to equity holders of SMRT 2Q FY2011 Revenue - external customers - inter-segment Operating expenses (net of other income) Depreciation and amortisation Operating profit/(loss) Finance costs Interest income Investment income Share of results of an associate Income tax expense Profit for the period attributable to equity holders of SMRT

132,955 (86,545) (16,124) 30,286

2,390 (2,384) (10) (4)

54,683 (48,007) (5,249) 1,427

23,166 (17,245) (5,458) 463

18,704 (1,913) (2,083) 14,708

6,662 55 (2,198) (246) 4,273

7,446 65 (3,494) (87) 3,930

15 11,759 (9,969) (446) 1,359

(11,879) 11,879 (411) (411)

246,021 (159,876) (30,114) 56,031 (1,794) 376 (1) 326 (9,137) 45,801

Management monitors the results of its business units for the purpose of making business decisions about resource allocation and performance assessment. In the current year, the segments have been restructured to reflect changes in business control and activities for bus operations, taxi operations as well as engineering and other services. Management believes that the revised segment presentation is more relevant in evaluating the results of these segment operations and is consistent with the internal reporting provided to the Groups CEO.
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10.

SEGMENT INFORMATION (contd)

-------------Rail------------MRT $'000 LRT $'000 Bus Taxi operations operations $'000 $'000 Rental $'000 Engineering Investment Consolidation and other holding and elimination Advertising services support services & adjustments $'000 $'000 $'000 $'000

Total $'000

Revenue and expenses YTD FY2012 Revenue - external customers - inter-segment Operating expenses (net of other income) Depreciation and amortisation Segment operating results Finance costs Interest income Investment income Share of results of an associate Income tax expense

275,924 (199,774) (30,752) 45,398

4,982 (5,266) (29) (313)

110,062 128 (106,567) (9,789) (6,166)

56,208 (42,953) (12,695) 560

39,273 (3,875) (4,463) 30,935

14,168 91 (4,834) (954) 8,471

13,554 259 (10,331) (24) 3,458

10 23,003 (19,334) (735) 2,944

(23,481) 23,481 (779) (779)

514,181 (369,453) (60,220) 84,508 (3,582) 788 155 566 (13,514) 68,921

Profit for the period attributable to equity holders of SMRT YTD FY2011 Revenue - external customers - inter-segment Operating expenses (net of other income) Depreciation and amortisation Segment operating results Finance costs Interest income Investment income Share of results of an associate Income tax expense Profit for the period attributable to equity holders of SMRT

262,579 (172,488) (32,070) 58,021

4,726 (4,783) (18) (75)

107,207 159 (95,836) (10,397) 1,133

45,839 (33,770) (10,763) 1,306

36,030 (3,844) (3,998) 28,188

12,879 149 (4,163) (476) 8,389

12,086 201 (9,913) (175) 2,199

16 23,604 (18,910) (876) 3,834

(24,113) 24,113 (823) (823)

481,362 (319,594) (59,596) 102,172 (3,577) 829 147 1,110 (16,637) 84,044

Management monitors the results of its business units for the purpose of making business decisions about resource allocation and performance assessment. In the current year, the segments have been restructured to reflect changes in business control and activities for bus operations, taxi operations as well as engineering and other services. Management believes that the revised segment presentation is more relevant in evaluating the results of these segment operations and is consistent with the internal reporting provided to the Groups CEO.
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11.

INTERESTED PERSON TRANSACTIONS The aggregate value of interested person transactions entered into during the following periods are as follows:Aggregate value of all Aggregate value of all interested person transactions interested person transactions during the financial year conducted under under review (excluding shareholders' mandate transactions less than pursuant to Rule 920 $100,000 and transactions (excluding transactions less conducted under than $100,000) shareholders' mandate 2Q FY2012 $ '000 Sale of Goods and Services Singapore Telecommunications Ltd ( 1) Singapore Technologies Kinetics Ltd ( 2) Singapore Airlines Ltd ( 3) SIA Engineering Company Limited ( 3) SATS Ltd. Certis CISCO Aviation Security Pte Ltd Singapore Technologies Electronics Ltd ( 2) SingTel Mobile Singapore Pte Ltd ( 1) Purchases of Goods and Services Singapore Technologies Electronics Ltd ( 2) Singapore Technologies Kinetics Ltd ( 2) SembCorp Power Pte Ltd MediaCorp Pte. Ltd. STA Inspection Pte Ltd ( 2) Total YTD FY2012 $ '000 2Q FY2012 $ '000 YTD FY2012 $ '000

Name of Interested Person

184 185 462 1,744

1,236 490 227 184 408 384 462 2,281

65,940 68,515

592 65,940 33,287 171 105,662

1,000 1,000

(1) Part of Singapore Telecommunications Group (2) Part of Singapore Technologies Engineering Group (3) Part of Singapore Airlines Group

12.

NEGATIVE ASSURANCE ON INTERIM FINANCIAL STATEMENTS The Board of Directors hereby confirm that, to the best of their knowledge, nothing has come to their attention which may render the 2Q FY2012 and 1H FY2012 financial results to be false or misleading in any material aspect.

BY ORDER OF THE BOARD Mr Leong Jin Chiew Company Secretary SMRT Corporation Ltd 28 October 2011
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