MAS Appoints Financial and Legal Advisor

Singapore, 4 December 2008...MAS has appointed Mr Davinder Singh, Senior Counsel and CEO, Drew & Napier, to advise MAS on the implications of the legal issues raised by the lawyers acting in the Chapter 11 proceedings for Lehman Brothers in the United States.

2   This appointment is in addition and separate from the legal counsel advising PricewaterhouseCoopers Singapore, as receivers for the defaulted Lehman Minibond Notes Series.

3   In light of recent developments, MAS will also be extending the appointment of Deloitte & Touche Corporate Finance Pte Ltd to continue to provide independent advice to MAS.

4   MAS cautions that the trustee and receivers have highlighted that it may not be possible for any resolution to be reached within a short span of time. Nevertheless, MAS expects the trustee and receivers to pursue all appropriate avenues to protect noteholders' interests.

* * *