Singapore, 22 October 2008...The trustee for the Lehman Minibond Programme,HSBC Institutional Trust Services (Singapore) Ltd, informed MAS that it has today received two proposals from financial institutions who have shown interest in restructuring the notes so that they can run until maturity. Both proposals are from international financial institutions licensed by MAS to operate in Singapore. The proposals are confidential at this stage, and the details are being finalised. The final proposals will require the necessary agreements of the relevant parties. Once the proposals are finalised, the trustee will communicate to all noteholders at the earliest appropriate time.

2   In our discussions with the two financial institutions and the trustee, MAS has stressed that any commercially viable proposal should also provide an exit option for investors who do not wish to remain invested in the notes.

3   MAS will arrange for an independent financial adviser to be appointed to advise on the relative merits and feasibility of the proposals. The independent financial adviser will assist investors in understanding and assessing the options available to them, when details of the proposals are available. MAS expects to announce the appointment within a week. We will keep investors informed of the progress of the review by the independent financial adviser. MAS is continuing to work closely with the trustee to ensure that investors' interests are safeguarded.

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