9 December 2008

MINIBOND SERIES 1 ISSUED UNDER S$10,000,000,000 SECURED NOTE
PROGRAMME OF MINIBOND LIMITED

We would like to share with you the latest information provided by the Trustee of the above Minibond programme, HSBC Institutional Trust Services (Singapore) Limited.

On 2 December, the Trustee informed Monetary Authority of Singapore (MAS) that it has received notice that the lawyers acting in the Chapter 11 proceedings for Lehman Brothers in the United States have reserved the right to challenge actions taken by the Trustee on the notes.

Given this development and the complexity of the legal issues involved, the Trustee and Pricewaterhouse Coopers, the appointed Receivers are of the view that restructuring is not a viable option at the present moment. More information is available from the following websites:

• http://www.mas.gov.sg
• http://www.hsbc.com.sg/1/2/miscellaneous/minibond-notes-frequently-asked-questions
• http://www.sgnoteholders.com

Should you have any queries regarding your investment in Minibond, please contact your Relationship Manager. You may also call the HSBC Institutional Trust Services (Singapore) Limited hotline at 6216 7449.

Please be assured that we will continue to keep you updated with information which may assist you in assessing the prospects of your investment.